China and the United States held their first trade council meeting on Friday, discussing tariff cuts, agricultural trade and other economic issues, China’s Commerce Ministry said on Saturday. The talks took place days before an expected meeting between US President Donald Trump and Chinese President Xi Jinping in Shenzhen. “The two sides held candid, in-depth and constructive exchanges on implementing the outcomes of previous China-US economic and trade talks, including tariffs, a reciprocal ‘$30 billion-for-$30 billion’ tariff-cut arrangement, agricultural trade and other issues of mutual concern,” the ministry said. It did not disclose whether the meeting produced any agreements. However, it said both sides would continue using the council to address trade concerns, expand cooperation and resolve outstanding issues. Following a September summit between Xi and Trump in Washington, the two countries proposed a $60 billion package of reciprocal tariff reductions. The arrangement included around $17 billion worth of US agricultural goods that China imported in 2024, but the plan has yet to be finalised. Chinese purchases of US agricultural products other than soybeans are on track to reach a seven-year low this year, despite an agreement for Beijing to buy $17 billion worth of US farm goods annually through 2028. A Reuters analysis of customs data published earlier this month highlighted continued uncertainty over the arrangement. Beijing has repeatedly urged Washington to implement the $60 billion tariff-reduction package, describing it as a prerequisite for increasing purchases of US agricultural products. The White House said Trump would meet Xi on Thursday on the sidelines of the Asia-Pacific Economic Cooperation forum in Shenzhen. Post navigation KSE-100 Index Pakistan Stock Market Gains 3,987 Points During the Week
