Ministry of Commerce interprets key outcomes from Sino-US trade talks

The Chinese Commerce Ministry today announces major outcomes from the latest trade talks with the US. The two nations have consented to a reciprocal 30-billion-US-dollar tariff cut on a list of products, more than 90% of which would be subject to "most-favoured-nation" levels.

A statement released by the Chinese Commerce Ministry on Monday lays out its interpretation of the outcomes of the eighth round of Sino-US trade consultations held in New York and Washington, DC last week.

Both sides reached positive consensus on establishing a Board of Trade to optimise bilateral trade, starting from discussions regarding reciprocal tariff cuts on about 30 billion dollars worth of goods.

The ministry also announces most country-specific import taxes will effectively be eliminated on more than 90% of the products.

Authorities say the list covers US coals entering China, and this serves as a beneficial complement to the domestic coal market and will bring stable revenue and jobs to related American industries.

Both sides agreed to expand cooperation in agriculture by establishing a group under the Board of Trade on market access, supervision and beyond.

As for artificial intelligence, China and the US held their first ever talk on the issue led by Vice Premier He Lifeng and US Treasury Secretary Scott Bessent. Topics of importance such as AI risks and benefits were covered.

The trade teams have agreed to meet again in late November and set up channels of communication on AI incidents.

A two-month extension of their trade truce is also expected to allow more time for both sides to iron out the next step to enhance their trade and economic ties, a commerce ministry official says, adding it will create a rather stable and predictable policy environment for enterprise cooperation.

Beijing and Washington will maintain their efforts to achieve a positive outcome on further extending the deadline through high-level exchanges before the end of the year.

The official further contends a Board of Investment will also be set up to facilitate institutional communication.

The governments will remain communication on increasing the number of flights between the two countries.