China and US hold first trade council meeting under economic consultation mechanism
China and the US held the first meeting of the Trade Council under the China-US Economic and Trade Consultation Mechanism via video link on 13 November. Both sides discussed tariff reductions, agricultural trade and other issues, pledging to enhance communication and build a constructive strategic r
China and the United States held the first meeting of the Trade Council under the China-US Economic and Trade Consultation Mechanism via video link on 13 November, according to China's Ministry of Commerce.
The two sides were guided by the important consensus reached during the meeting between the Chinese and US heads of state, the ministry said in a statement. They engaged in candid, in-depth and constructive exchanges on implementing the outcomes of previous China-US economic and trade consultations, including tariff issues, the '30 billion versus 30 billion' reciprocal tariff reduction arrangement, agricultural trade and other topics of mutual concern.
Both sides agreed to continue strengthening communication through the Trade Council, the ministry added. The aim is to promote the resolution of respective economic and trade concerns, continuously lengthen the list of cooperation and shorten the list of issues, thereby helping to build a constructive and stable strategic relationship between China and the US based on respect, fairness and reciprocity.
The meeting marked the first formal session of the Trade Council, which was established as part of the broader China-US Economic and Trade Consultation Mechanism. The mechanism was revived following a period of heightened trade tensions between the world's two largest economies.
No further details on specific tariff reductions or timelines were disclosed in the ministry's statement.