US-China Accelerate US$30 Billion Tariff Cut Talks Ahead of Leaders' Summit
SingTao · 1 SOURCESabout 4 hours ago2 MIN
Summary
China and the United States are accelerating negotiations on a mutual tariff reduction framework worth approximately US$300 billion as an upcoming leaders' summit approaches. The Ministry of Commerce confirmed on September 17 that trade teams from both sides are maintaining close communication on the tariff cut arrangement. The negotiations aim to finalize a deal before the November 10, 2026 deadline when current tariff suspension measures expire.
Key Points
- China and the US are expected to hold a leaders' summit next week, with trade teams accelerating talks on a US$300 billion (HK$382.2 billion) mutual tariff reduction framework
- Ministry of Commerce spokesperson He Yadong confirmed at a September 17 press briefing that both sides are maintaining close exchanges on the tariff reduction discussions
- The tariff suspension period stems from an October 2025 agreement reached in Kuala Lumpur, which paused certain tariffs and non-tariff restrictions until November 10, 2026
- China has consulted domestic enterprises, industry associations, local governments, and US-funded enterprise associations in China, while the US has sought public comment
- US agricultural exports including soybeans and beef are expected to be included, while China seeks removal of Section 301 additional tariffs on home appliances, textiles, and basic chemicals
Why It Matters
If successfully implemented, the mutual tariff reduction framework would significantly lower trade barriers between the world's two largest economies. Geopolitical analysts note the agreement would inject vitality into sluggish global open cooperation and establish constructive strategic stability between Beijing and Washington .
If successfully implemented, the mutual tariff reduction framework would significantly lower trade barriers between the world's two largest economies. Geopolitical analysts note the agreement would inject vitality into sluggish global open cooperation and establish constructive strategic stability between Beijing and Washington .