The discussions took place during the first meeting of the bilateral Trade Council on Friday, November 13, held through a video conference under the two countries’ economic and trade consultation mechanism.
\n\nChina and the United States have discussed a proposed reciprocal tariff-reduction arrangement covering around USD 30 billion worth of goods from each country, ahead of an expected meeting between US President Donald Trump and Chinese President Xi Jinping in Shenzhen next week.
\n\nChina’s Commerce Ministry said on Saturday that both sides held “candid, in-depth and constructive exchanges” on implementing the outcomes of previous trade negotiations. The agenda included tariffs, agricultural trade and other economic issues of mutual concern.
\n\nThe proposed arrangement would involve reciprocal tariff reductions on approximately USD 30 billion worth of imports from each country, creating a combined package worth around USD 60 billion. However, neither side announced a final agreement following Friday’s discussions. Reuters reported that the plan remains unfinalised.
\n\nThe framework follows a September meeting between Trump and Xi in Washington, where the two countries agreed to work towards reciprocal tariff reductions on selected products. A White House document published in September outlined the proposed mechanism, under which both sides would identify goods worth roughly…
Original source: https://www.timesnownews.com/business-economy
