China, US Discuss Tariff Cuts at First Trade Council Meeting

China and the United States discussed tariff reductions, agricultural trade and other economic issues at the first meeting of their new trade council, China’s Commerce Ministry said in a statement on Saturday, Reuters reported. The talks come days before an expected meeting between President Xi Jinping and US President Donald Trump.

According to Reuters, the meeting took place on Friday. The ministry described the session as “candid, in-depth and constructive” and said it focused on implementing the outcomes of earlier economic and trade talks between the two countries.

The ministry did not say whether any agreements were reached. It said both sides would continue to use the council to address trade concerns, expand cooperation and work through outstanding issues, according to reports carried by Investing.com and Pajhwok.

Tariff package still unresolved

Among the items discussed was a proposed reciprocal tariff-cut arrangement worth US$30 billion for each side, the ministry said.

Reuters reported that, following a September summit between Trump and Xi in Washington, the two countries proposed a reciprocal tariff-reduction package worth US$60 billion. That package included about US$17 billion in US agricultural products that China imported in 2024. The plan has not yet been finalised.

Beijing has repeatedly urged Washington to implement the US$60 billion package, describing it as a prerequisite for raising Chinese purchases of American farm goods, Reuters said.

Farm purchases lag

A Reuters analysis of customs data found that Chinese purchases of US agricultural products other than soybeans are on track to hit a seven-year low this year.

That is despite an agreement under which Beijing is to buy US$17 billion of US farm goods each year through 2028, according to the Reuters report.

What’s next

The White House has said Trump will meet Xi on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) gathering in Shenzhen.

China’s Foreign Ministry said on Friday that Xi will chair the 33rd APEC Economic Leaders’ Meeting in Shenzhen on November 18-19, under the theme “Building an Asia-Pacific Community to Prosper Together”. He will also give a keynote speech at the opening of the APEC CEO Summit, held on November 17-18, and hold bilateral meetings with foreign leaders.

Ahead of the summit, Vice Premier He Lifeng opened the fourth APEC Business Advisory Council meeting in Shenzhen on Saturday, CGTN reported, citing Xinhua. He said the leaders’ meeting would set the direction for Asia-Pacific cooperation, and met council representatives to discuss deepening regional economic and trade ties.

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