“China and the US held first meeting of the new Trade Council: discussed mutual tariff reductions”

Key points

• First Trade Council meeting between China and United States held on November 13.
• Discussed mutual reduction of customs tariffs under the '30 billion for 30 billion' principle.
• Also covered trade in agricultural products and other mutual interests.
• China extended suspension of additional duties on US imports for two months, maintaining 30% and 10% rates.
• Earlier in October, Trump and Xi agreed to a broader trade truce during Busan meeting.