September 29 :At a meeting between the heads of state of China and the United States in Beijing in May 2026, the two sides reached a consensus on establishing a government-level trade council. Subsequently, the eighth round of China-US economic and trade talks was held in New York and Washington from September 20 to 23. The two sides reached consensus on various issues, including the operating mechanism of the China-US Trade Council, guidelines on the responsibilities and operating procedures of the “30 billion vs. 30 billion” equivalent tariff reduction framework, and lists of products covered by the tariff reductions.
According to the operating mechanism, the main objectives of the Trade Council are to further improve bilateral trade, discuss ways to expand trade, and address various issues affecting trade.
The Trade Council is expected to serve as an important platform and institutional guarantee for expanding the scope of China-US economic and trade cooperation and reducing areas of disagreement.
This will further strengthen the foundation for building a constructive, strategic and stable relationship between the two countries.
China and the United States have reached consensus on an equivalent tariff reduction framework worth approximately US$30 billion under the Trade Council. The two sides agreed that, based on the volume of bilateral trade in 2024, each side will provide equivalent tariff reductions, in accordance with their respective domestic laws and regulations, on imported goods worth approximately US$30 billion.
More than 90 percent of the products covered by the framework will have all additional tariffs mutually imposed by the two sides removed, and these products will receive most-favored-nation tariff treatment.
The two sides have determined the lists of products covered by the equivalent tariff reductions, taking into account the needs of their respective markets and the interests of their industries. The United States will reduce tariffs on nearly US$30 billion worth of products imported from China, including toys, household appliances, children’s products, kitchen and bathroom supplies, and festival gifts.
Meanwhile, China will reduce tariffs on nearly US$30 billion worth of products imported from the United States, including agricultural products, personal care products, medical equipment and coal.
The two sides have agreed to jointly release their respective lists of products covered by the tariff reductions. They will then complete their respective domestic legal procedures and implement the tariff reductions simultaneously.
The Ministry of Commerce said the measure will help further stabilize trade between China and the United States. At the same time, it will create a relatively favorable environment for the export of relevant Chinese products to the United States. It will also help strengthen trade cooperation in areas including agricultural products, energy, industrial goods and consumer products to meet the needs of the domestic markets of both countries.
In addition, the two sides have agreed to establish an agricultural working group under the Trade Council.
The working group will discuss various relevant issues, including regulatory systems and market access, address trade-related concerns, and work to expand practical cooperation in agriculture.
The first meeting of the working group is planned to be held by the end of 2026. China said the meeting will seek to address relevant concerns in China’s agricultural sector in cooperation with the United States.
Source: Swarna, Foysal, Lily, China Media Group.