China, US conclude new trade agreement to reduce tariffs on technology products

November 12 Morning News, China and the United States reached a trade agreement in Monday, will reduce tariffs on a variety of High-tech products, the future, including medical equipment, GPS equipment, video game consoles and other imported goods will be zero tariff. The agreement means that the price of these imported High-tech goods will be lowered in the future and will promote export trade in countries such as the United States.

Michael Froman, US trade representative, said in Beijing in Tuesday that the two countries reached an agreement later in Monday to expand the Information technology trade Agreement (Michael Fromain) to cover medical devices, GPS equipment, video game consoles, semiconductor medical devices and other new products.

The agreement means a major breakthrough in the ITA expansion talks that have been stalled because of disagreements between the two sides. ITA is a multilateral agreement under the WTO framework, which came into force in 1997, aimed at cutting tariffs on information technology products.

The latest agreement means that China and the United States have agreed on the ITA expansion list. And if the agreement reached by the US and China can be unanimously approved by the ITA members in December, more imported High-tech products will be zero tariffs in the future.

If the government were to impose zero tariffs on more imported High-tech products, the prices of these products would probably be lower in the market than they are now, and consumers who bought the goods would receive more benefits. At the same time, the reduction in tariffs will also promote the export of these products and expand the size of the exporting countries ' trade.