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

China and the United States met on Friday (Nov 13) for their inaugural trade council discussion, focusing on tariff reductions, agricultural trade, and other trade-related matters, according to China's Commerce Ministry. The ministry announced the talks took place days before an anticipated summit in Shenzhen the following week.

During the meeting, officials from both nations engaged in candid, in-depth, and constructive discussions about the implementation of prior China-US economic and trade talks, encompassing tariff adjustments, a mutually agreed US$30 billion-to-US$30 billion tariff-cut arrangement, agricultural trade, and other issues of mutual concern.

The ministry declined to disclose whether any agreements were finalized. Both countries have agreed to persist in utilizing the council to tackle trade disputes, enhance collaboration, and mitigate outstanding issues. Following a September summit between President Xi Jinping and President Donald Trump in Washington, the two nations proposed a US$60 billion package of reciprocal tariff cuts, including an estimated US$17 billion worth of US farm products that China imported in 2024.

However, the plan has not been finalized. Chinese imports of US farm products, excluding soybeans, are projected to reach a seven-year low this year, despite a commitment to purchase US$17 billion worth annually through 2028, as per a Reuters analysis of customs data. This highlights ongoing uncertainty over the deal. Beijing has consistently urged Washington to implement the US$60 billion tariff-reduction agreement, viewing it as a prerequisite for escalating US farm product purchases.

The White House revealed that President Trump will meet with President Xi on Thursday during the Asia-Pacific Economic Cooperation forum in Shenzhen.