China, US discuss tariffs, farm trade ahead of Xi-Trump meeting

China and the United States held their first trade council meeting on Friday, just days before a potential leaders' meeting in Shenzhen next week, according to the Chinese Commerce Ministry. The two nations engaged in thorough and productive discussions on several topics, including tariff reductions, agricultural trade, and other mutual concerns.

The ministry did not disclose if any agreements were reached during the talks. Both sides intend to continue utilizing the council to address trade issues, enhance collaboration, and resolve outstanding matters. Following a September summit in Washington, President Xi Jinping and President Donald Trump had previously agreed to a $60 billion package of reciprocal tariff cuts, which would include approximately $17 billion worth of US farm products that China imported in 2024.

However, this plan has not yet been finalized. Chinese imports of US farm goods, excluding soybeans, are expected to reach a seven-year low this year, despite an agreement to purchase $17 billion annually through 2028, as per a recent Reuters analysis of customs data. This highlights the ongoing uncertainty surrounding the deal.

Beijing has consistently urged Washington to implement the $60 billion tariff-reduction agreement, asserting it as a prerequisite for increasing US farm product imports. The White House announced that President Trump will meet with President Xi on Thursday during the Asia-Pacific Economic Cooperation forum in Shenzhen.