BEIJING, (Reuters) – China’s Commerce Ministry stated Thursday that reducing tariffs on Chinese products would benefit both American consumers and firms.

Gao Feng (ministry spokesman) made these comments during a news briefing. He also said that both trade teams were keeping in touch.

U.S. Treasury Secretary Janet Yellen stated Friday it would be worth looking at lowering U.S. duties on Chinese products, given the potential “desirable consequences” of such a move on U.S. inflation. This year’s highs have reached 40 years.