China, US hold first trade council meeting ahead of Trump-Xi summit

Detailed summary

The council session sets the stage for talks in Shenzhen as both sides work to reduce outstanding trade issues.

China and the United States discussed tariff cuts, agricultural trade and other issues at their first trade council meeting on Friday, China's Commerce Ministry said on Saturday, days ahead of an expected leaders' meeting in Shenzhen next week."The two sides held candid, in-depth and constructive exchanges on implementing the outcomes of previous China-US economic and trade talks, including tariffs, a reciprocal '$30 billion-for-$30 billion' tariff-cut arrangement, agricultural trade and other issues of mutual concern," the ministry said.It did not say whether any agreements were reached.

Following a September summit between Presidents Xi Jinping and Donald Trump in Washington, the two sides proposed a $60 billion package of reciprocal tariff cuts, including roughly $17 billion worth of US farm goods that China imported in 2024, but the plan has yet to be finalised.Chinese purchases of US farm goods other than soybeans are on track to hit a seven-year low this year, despite an agreement to buy $17 billion annually through 2028, a Reuters analysis of customs data showed earlier this month, underscoring persistent uncertainty over the deal.Beijing has repeatedly urged Washington to implement the $60 billion tariff-reduction deal, calling it a prerequisite for increasing…

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