China, U.S. hold first trade council meeting on tariffs and farm trade

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15 hours ago

China, U.S. hold first trade council meeting on tariffs and farm trade — China-U.S. resume trade talks

Beijing and Washington are resuming formal trade engagement through a bilateral consultation mechanism as both sides seek to manage long-running frictions. The first council meeting covers tariffs, a reciprocal tariff-reduction arrangement involving $30 billion on each side, and agricultural trade.

Highlights

China and the U.S. held their first trade council meeting under a bilateral economic and trade consultation mechanism via video link on Friday.
The agenda included discussions on a reciprocal tariff-reduction arrangement involving $30 billion on each side and agricultural trade issues.
Both sides agreed to continue using the council to address trade concerns, expand cooperation, and reduce outstanding issues.

Talks under bilateral consultation mechanism

As reported by Reuters, citing China's commerce ministry, China and the U.S. hold their first trade council meeting under a bilateral economic and trade consultation mechanism via video link on Friday.

The two sides have candid, in-depth and constructive discussions on implementing outcomes from previous trade consultations, including tariffs, agricultural trade and other issues of note. The ministry says the agenda also includes a reciprocal tariff-reduction arrangement involving $30 billion on each side.

Next steps for trade cooperation

Both sides will continue using the council to address trade concerns, expand cooperation and reduce outstanding issues, according to the ministry.

The meeting signals an effort to keep communication channels open between the world's two largest economies as they work through trade disputes affecting goods flows and business conditions.

Earlier, we looked at China’s warning that tighter Nvidia export curbs could deepen U.S.-China chip-trade uncertainty.

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