On 13 November, the United States and China held the first official meeting of the joint trade council established under an agreement between Donald Trump and Xi Jinping. The new mechanism is intended to help the world’s two largest economies resolve trade disputes and implement agreements on the mutual reduction of tariffs on goods worth a total of around $60 billion. The meeting took place on the eve of a new round of talks between the US and Chinese leaders.
- The US and China held the first official meeting of their joint trade council.
- The parties are preparing to mutually reduce tariffs on goods worth $60 billion.
- The agreements cover agricultural produce, household appliances and other goods.
- The new negotiation mechanism was established following an agreement between Trump and Xi Jinping.
Washington and Beijing have launched a new trade council
The Office of the United States Trade Representative (USTR) announced the first official meeting of the US-China Trade Council. The US side was represented by officials from the USTR and the Treasury Department.
Officials in Washington emphasised that the administration Donald Trump intends to continue its dialogue with Beijing with a view to establishing balanced trade relations.
The presidents of the two countries agreed to establish the council during a meeting in Beijing in May 2026. In September, the parties approved its operating procedures and agreed on the main areas of cooperation.
The work of the mechanism is coordinated by the US Secretary of the Treasury Scott Bessent, sales representative Jamison Greer and Vice-Premier of the State Council of China He Lifeng.
The US and China plan to reduce tariffs on goods worth $60 billion
One of the trade council’s main tasks is to implement the agreement on the mutual reduction of customs duties. This concerns imported goods worth approximately 30 billion dollars on each side.
The US plans to reduce tariffs on Chinese toys, household appliances, children’s products and homewares. China, for its part, is to lower tariffs on US agricultural products, medical equipment, personal care products and coal.
According to the Ministry of Commerce of the People’s Republic of China, over 90 per cent of the goods included in the agreed lists are to be exempted from additional reciprocal duties.
The figure of 60 billion dollars represents the value of the goods covered by the agreement, not the amount by which customs duties will be reduced.
China has extended the trade truce with the US
On the eve of the meeting, Beijing decided to extend the measure for a further two months suspension of the additional 24 per cent duties on US imports. At the same time, the additional 10 per cent tariff remained in force.
The Chinese authorities explained the decision as being driven by the need to create more predictable conditions for bilateral trade.
The countries are paying particular attention to agriculture. A working group has been set up within the Trade Council to address market access for agricultural products in both countries and regulatory restrictions.
Its first meeting is scheduled to take place by the end of 2026. The main tariff agreements are due to come into force once the necessary internal procedures in the US and China have been completed.
