China and US weigh mutual tariff cuts
Trade officials explored lower import taxes on roughly $30 billion in goods from each country before Trump meets Xi Jinping.
BEIJING: China and the United States discussed lowering import taxes on goods worth about $30 billion from each country, days before US President Donald Trump and Chinese President Xi Jinping are expected to meet in Shenzhen.
Officials raised the proposal at the first meeting of the US-China Board of Trade, China’s Commerce Ministry said on Saturday. The two sides also discussed farm trade and how to put agreements from earlier talks into practice.
Lists of imports
Under the proposal, Washington and Beijing would each draw up a list of imports that could qualify for lower taxes. Both countries would have to agree on which products to include. Together, the two lists would cover roughly $60 billion in goods. Officials also have to work within domestic trade rules.
The plan grew out of talks between Trump and Xi in Washington in September. The White House said at the time that the new trade board would start by discussing which imports could get lower rates. Friday’s meeting gave officials a chance to pick up that work before the leaders meet again.
Farm goods
Farm goods could make up a large share of the US list. Reuters reported that the proposal includes about $17 billion worth of American farm products that China imported in 2024. Lower duties on those goods would reduce the taxes that Chinese importers pay when they bring them into the country.
Trump and Xi are expected to meet during the Asia-Pacific Economic Cooperation summit in Shenzhen. The tariff plan is still under discussion, and Friday’s meeting ended without a final deal. A decision on which products will qualify and how far their duties will fall would give exporters and importers a clearer idea of what the agreement would mean for their businesses.
