On October 30th, President Xi Jinping and United States President Donald Trump held their first face-to-face meeting since 2019, producing a consensus that observers said is a boost to both sides and to the rest of the world in areas ranging from economy and trade to counternarcotics and global governance.
The spokesperson of the Ministry of Commerce answered questions from reporters regarding the joint arrangement of the China US Kuala Lumpur Economic and Trade Consultation. The spokesperson stated that the consensus reached by the China US economic and trade teams through the Kuala Lumpur consultations mainly includes the following aspects: the US has cancelled the 10% so-called fentanyl tariff on Chinese goods, and the US has suspended the 24% tariff for another year; The US suspends the implementation of the 50% penetration rule for export controls for one year; The US suspends the 301 investigation into maritime affairs with China for one year; China will properly resolve the TikTok issue with the United States.
So this is a good news for textile industry.