China, US discuss tariffs, farm trade at first trade council meeting

China and the United States discussed tariffs and agricultural trade at their first trade council meeting, held ahead of an expected meeting between Presidents Xi Jinping and Donald Trump in Shenzhen next week. China’s commerce ministry said the talks were candid and constructive, but did not announce any agreements.

The discussions included a proposed US$30 billion-for-US$30 billion reciprocal tariff-cut arrangement and the implementation of earlier trade talks. The two countries had proposed US$60 billion in reciprocal tariff cuts after a September summit, including about US$17 billion in US farm goods imported by China in 2024. China’s purchases of US farm goods other than soybeans are on course for a seven-year low, and Beijing says tariff reductions must be implemented before it increases those purchases.