Business Brief (July 24): China, U.S. Explore Reciprocal Tariff Cuts

Sino-U.S. trade talks

China’s Ministry of Commerce said that Chinese and U.S. economic and trade teams are maintaining close communication on the structure, functions and operational models of a trade council. 

The two sides are exploring a framework for reciprocal tariff reductions covering $30 billion worth of goods each, the ministry said. They aim to finalize specific product tariff-reduction arrangements as soon as possible to expand bilateral trade.