In May 2026, the heads of state of China and the United States met in Beijing and agreed to establish an intergovernmental trade council between the two sides.

From September 20 to 23, China and the United States held the eighth round of economic and trade consultations in New York and Washington in the United States, reaching consensus on the working rules of the China-U.S. Trade Council, the responsibilities document for the "300 billion for 300 billion" reciprocal tariff reduction framework, and the list of products subject to tariff reductions.

According to the working rules, the task of the trade council is to optimize bilateral trade, and it will discuss arrangements for optimizing bilateral trade and issues affecting trade. It is believed that the trade council will provide an important platform and institutional safeguard for China and the United States to continuously lengthen the cooperation list and shorten the problem list in the economic and trade field, and help build a constructive and stable strategic relationship between the two countries.

Within the framework of the trade council, China and the United States reached consensus on a reciprocal tariff reduction framework covering 30 billion U.S. dollars. The two sides agreed that, on the basis of complying with their respective domestic laws and procedures, they would provide reciprocal tariff reduction treatment for imported products each valued at approximately 30 billion U.S. dollars, based on the 2024 annual bilateral trade volume. More than 90% of these products will be exempted from all mutual additional tariffs and enjoy most-favored-nation tariff treatment.

Based on their respective market needs and industrial interests, the two sides agreed on a list of products for reciprocal tariff reductions. The United States will reduce tariffs on approximately 30 billion U.S. dollars of Chinese imports including toys, home appliances, baby products, kitchen and bathroom supplies, and holiday gifts. China will reduce tariffs on approximately 30 billion U.S. dollars of American imports including agricultural products, personal care products, medical devices, and coal. The two sides agreed to jointly publish their respective lists of products subject to tariff reductions. Subsequently, after completing their respective domestic legal procedures, the two sides will implement the tariff reductions simultaneously.

This arrangement will help stabilize China-U.S. trade, create better conditions for the export of related Chinese products to the United States, and also help meet domestic market demand and strengthen bilateral trade cooperation in areas such as agricultural products, energy, manufactured goods, and consumer goods. Both sides agreed to establish an agricultural working group under the trade council to discuss relevant issues including regulation and market access, address trade concerns, and expand practical cooperation in the agricultural field. The agricultural working group plans to hold its first meeting before the end of 2026. China will continue to push the United States through working group meetings to address China's concerns in the agricultural field.