China says it hopes to agree with US on tariff reductions 'at an early date'
Summary
China and the United States hope to soon agree on lowering import taxes on $30 billion worth of goods from each country. This potential deal is expected to be discussed when President Donald Trump and Chinese leader Xi Jinping meet in Washington on September 24, aiming to stabilize trade relations.Key Facts
- China and the U.S. are working on reducing tariffs on $30 billion of goods on each side.
- The leaders of both countries will meet on September 24 in Washington, their third meeting in a year.
- The tariff reductions are part of setting up a new U.S.-China Board of Trade and Board of Investment.
- Tariffs were raised sharply during a trade war initiated by the U.S., with China responding similarly.
- The agreement targets cuts on “nonsensitive” goods with similar value traded both ways.
- The current trade truce on tariffs will end on November 10, increasing the importance of talks.
- U.S. exports to China could benefit more from the reductions than Chinese exports to the U.S.
- Overall trade volume between the two countries has dropped since tariffs were implemented.
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