Beijing, September 28 (Daily Kiran) : The Chinese Ministry of Commerce announced on September 28 that a trade council between China and the United States has been established, accompanied by a framework for mutual tariff reductions amounting to $30 billion.
In May 2026, leaders from both nations met in Beijing and agreed to create this intergovernmental trade council. Following this, from September 20 to 23, economic and trade consultations took place in New York and Washington. During these discussions, both sides reached consensus on the operational procedures of the trade council, the duty documents related to the $30 billion tariff reduction framework, and the list of products eligible for tariff cuts.
According to the established operational guidelines, the primary function of the trade council will be to adjust bilateral trade. It aims to facilitate discussions on trade-related issues and arrangements. This council is expected to serve as a crucial platform for enhancing cooperation in economic and trade matters, ultimately contributing to the establishment of a strategically stable and constructive relationship between China and the U.S.
Under the framework of the trade council, both nations agreed to mutually reduce tariffs on imports valued at approximately $30 billion, subject to compliance with their respective domestic laws and procedures. Notably, over 90% of the products involved will be exempt from all previously imposed tariffs.
This initiative reflects a significant step towards improving trade relations between the two economic powerhouses.
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