New Trade Agreement and Tariff Reduction Decision Between the US and China
The Chinese Ministry of Commerce announced that, following talks with the US, reciprocal tariff reductions will be made on $30 billion worth of merchandise trade.
The Chinese Ministry of Commerce announced that, as a result of consultations held with the US, an agreement has been reached to provide reciprocal tariff reductions on $30 billion worth of merchandise trade and to establish new committees.
Trade and Investment Committees Being Established
In a statement made by the Chinese Ministry of Commerce, it was reported that an agreement was reached to establish a Trade Committee in order to facilitate commercial relations between the two countries.
Tariff Reduction on $30 Billion Worth of Merchandise Trade
It was officially announced that the parties have agreed to mutually implement tariff reductions on a total of $30 billion worth of merchandise trade.
Coal Imports Included in the Agreement
While coal imports were also included within the scope of the trade agreement, it was noted that China will import coal from the US in 2027 and 2028.
Investment Committee and Agriculture Group
It was stated that an Investment Committee will be established to discuss potential investments and obstacles, and an agriculture working group will become operational under the Trade Committee.
Artificial Intelligence Dialogue and Temporary Agreement Period
It was reported that the delegations of Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent initiated an artificial intelligence dialogue, and the temporary agreement period was extended until January 10, 2027.