The China-U.S. high-level trade talks have made substantial progress and reached important consensus, says Chinese Premier He Lifeng who is leading the delegation in Geneva.⁣ ⁣ He said the two sides agreed on establishing a consultation mechanism for trade and economic issues. He also mentioned the joint statement which was released on Monday. Both sides have now agreed to slash their reciprocal tariffs by 115%. The U.S. will cut extra tariffs imposed on Chinese imports this April to 30% from 145%. China will cut tariffs to 10% from 125%. ⁣ ⁣ #ChinaUS #tradetalks #tariff