Jeju: U.S. Trade Representative (USTR) Jamieson Greer held bilateral talks Thursday with Chinese trade envoy Li Chenggang on South Korea's southern resort island of Jeju, Seoul government officials said. The meeting took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting currently being held in the region.
According to Yonhap News Agency, the discussions between Greer and Li come in the wake of a recent joint announcement by Washington and Beijing. Earlier this week, the two nations disclosed their agreement reached during a high-stakes dialogue in Geneva, aiming to temporarily reduce tariffs for 90 days to facilitate further negotiations.
Under the terms of the agreement, the United States agreed to slash its tariffs on Chinese goods to 30 percent from a previous 145 percent. Concurrently, China reduced its tariffs on U.S. goods to 10 percent from an earlier level of 125 percent. This development marks a significant step towards easing trade tensions between the two economic powerhouses.