The US and China agreed to a $30 billion mutual tariff reduction at the summit meeting last May. Currently, the economic and trade teams of both countries are discussing the structure, function, and operation of the Trade Committee, and are preparing a framework for a $30 billion mutual tariff reduction each. China is gathering opinions from stakeholders such as domestic companies, industry associations, and local governments, while the US is also gathering public opinion. Both sides plan to soon consult on a concrete tariff reduction plan by item and implement it, expecting to expand trade between the two countries.
