China and the United States held the first meeting of their trade council, during which they discussed reciprocal tariff reductions, trade in agricultural products and the implementation of previous agreements. The sides have not yet announced any concrete outcomes from the talks.
This was reported by China’s Ministry of Commerce, Reuters writes.
According to the Chinese ministry, the sides exchanged views on implementing the outcomes of previous economic and trade negotiations. In particular, they discussed tariffs, a reciprocal agreement to reduce them on the principle of “$30 billion for $30 billion”, and trade in agricultural products.
The ministry did not specify whether any concrete agreements were reached. At the same time, it noted that China and the United States will continue to use the trade council to resolve differences and expand co-operation.
After the September summit between Presidents Xi Jinping and Donald Trump in Washington, the sides proposed a package of reciprocal tariff cuts totalling $60 billion. Among other things, it предусматриває China purchasing US agricultural products worth about $17 billion. However, the plan has not yet been finally approved.
According to an analysis of customs data conducted by Reuters in early November, China’s purchases of US agricultural products, excluding soya beans, could be the lowest in seven years this year.
This is happening despite an agreement on annual imports of such products worth $17 billion through 2028.
Beijing has repeatedly urged Washington to honour the agreement on reciprocal tariff cuts worth $60 billion, calling it a necessary condition for increasing purchases of US agricultural products.
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