Kuala lumpur: China's Ministry of Commerce on Thursday unveiled the outcomes achieved by Chinese and U.S. delegations during their recent economic and trade talks in Kuala Lumpur. The U.S. side will cancel the 10-percent so-called "fentanyl tariffs" and suspend, for an additional year, the 24-percent reciprocal tariffs levied on Chinese goods, including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region, according to a spokesperson of the ministry.

According to Namibia Press Agency, China will make corresponding adjustments to its countermeasures against the aforementioned U.S. tariffs. Both sides have agreed to continue extending certain tariff exclusion measures. The United States will also suspend for one year the implementation of a new rule announced on Sept. 29 that expands its "entity-list" export restrictions to any entity that is at least 50 percent owned by one or more entities on the list. Concurrently, China will suspend the implementation of relevant export control measures announced on Oct. 9 for one year and will study and refine specific plans.

The U.S. will further suspend the implementation of measures under its Section 301 investigation targeting China's maritime, logistics, and shipbuilding industries for one year. In response, China will correspondingly suspend the implementation of its countermeasures against the U.S. side for one year once the U.S. suspension takes effect.

Additionally, the two sides reached consensus on issues including anti-drug cooperation on fentanyl, expanding agricultural product trade, and handling individual cases involving relevant enterprises. Both countries confirmed the outcomes of the Madrid economic and trade talks, with the U.S. making positive commitments in areas such as investment, and China pledging to resolve issues related to TikTok with the U.S.

The talks in Kuala Lumpur have demonstrated that by upholding the spirit of equality, respect, mutual benefit, and through dialogue and cooperation, both sides can find solutions to problems. The outcomes are described as hard-won, and China looks forward to working with the U.S. to ensure the implementation of these results, aiming to inject more certainty and stability into bilateral economic and trade cooperation, as well as the world's economy.