Business Brief (July 3): China, U.S. Step Toward Farm Tariff Cuts

China-U.S. agricultural tariffs

Following recent economic and trade consultations, China and the U.S. have set guiding targets to expand two-way agricultural trade and agreed in principle to include relevant agricultural products in a reciprocal tariff-reduction framework, China’s Ministry of Commerce said. 

China-Japan flight suspensions

A total of 25 air routes between China and Japan were suspended in June, according to data from a flight tracker. Cancellations of domestic flights to Japan reached 1,488, representing a cancellation rate of 37.5%.