[Ministry of Commerce: Both sides agree to mutually reduce tariffs on approximately $30 billion worth of imports from each other] The head of the Department of American and Oceanian Affairs at the Ministry of Commerce interprets the outcomes of the eighth round of China-U.S. economic and trade consultations. To implement the important consensus reached by the two heads of state, China and the U.S., based on mutual respect and equal consultation, have conducted multiple rounds of negotiations under the framework of the Trade Council regarding a mutual tariff reduction arrangement on $30 billion worth of goods. Consensus has now been reached. Both sides have agreed to reduce tariffs on approximately $30 billion worth of imports from each other in a reciprocal manner, with tariffs on about 90% of the products from each side being reduced to the most-favored-nation (MFN) tariff rate level. The two sides will implement the tariff reduction arrangement simultaneously after completing relevant procedures in accordance with their respective domestic laws. Further details regarding the mutual tariff reduction arrangement will be announced subsequently. This arrangement will help to further stabilize China-U.S. economic and trade relations and create favorable conditions for the export of relevant Chinese products to the U.S. (Xinhua News Agency)