China and US hold first meeting of new trade council online

What happened

On Friday, the two countries opened the inaugural meeting of the new council via video link, within their wider economic and trade consultation framework. The council stems from a May agreement to establish an intergovernmental body to serve as a forum for dialogue.

What they discussed

Participants reviewed a reciprocal tariff-reduction concept described as "30 billion for 30 billion," addressed agricultural trade, and discussed how to implement results from prior consultations.

What Beijing said about the meeting

In a statement from Beijing on Saturday, China's Ministry of Commerce described the talks as "candid," "in-depth," and "constructive." It also noted that the two sides will keep using the council as a channel to work through their own economic and trade concerns, look for additional areas of cooperation, and reduce points of contention.

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Why it matters for your portfolio

According to Beijing, the council is tasked with improving bilateral trade, in part via a reciprocal tariff-cut framework that spans about $30 billion of imports for each country. The bottom line: continued talks keep the door open to lower tariff friction and wider cooperation, two ingredients that can shift cross-border demand, pricing power, and supply chains in sectors from agriculture to consumer goods.

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