China and US Aim for Tariff Cuts by Early Date Ahead of Trump-Xi Summit
· World · The Hindu, The Independent
China’s Commerce Ministry spokesperson Huang Ling said negotiators are working to finalise reciprocal tariff reductions on $30 billion worth of goods ‘at an early date,’ ahead of President Donald Trump and President Xi Jinping’s third face-to-face meeting in Washington on September 24. The talks follow a truce in the ongoing tariff war, with both sides agreeing to establish a U.S.-China Board of Trade and a parallel Board of Investment to manage bilateral trade. The goal is to reduce tariffs on ‘non-sensitive’ goods, though no specifics have been disclosed. Barclays Bank noted that the current tariff truce expires on November 10, raising uncertainty over the scope of a broader trade deal. Leaders’ diplomacy remains central to stabilising relations between the world’s two largest economies, despite competing strategic interests.
Why it matters
Global supply chains and consumer prices for goods traded between the US and China could see adjustments if tariffs are reduced, impacting manufacturers, exporters, and end consumers. For India, any shift in US-China trade dynamics may influence global commodity prices, particularly in sectors like electronics, machinery, and pharmaceuticals where China is a key supplier.
Read the original report — The Hindu
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