US and China discuss tariff cuts ahead of Trump-Xi meeting
The United States and China are discussing possible tariff reductions on certain goods ahead of a meeting between US President Donald Trump and Chinese President Xi Jinping, which, according to Trump, is to take place on September 24 in Washington. As The Japan Times reports, these talks could help extend the year-long trade truce between the countries.
Talks ahead of the meeting
US Treasury Secretary Scott Bessent said he will meet with his Chinese counterpart, Vice Premier He Lifeng, this weekend. Bessent did not specify the date or location of the talks. The Financial Times reported that officials could meet in New York on Sunday.
According to sources familiar with the situation, the sides are discussing tariff reductions, including on US energy and agricultural goods. Next week, they may also agree to lower duties on Chinese components for manufacturers.
According to these sources, possible decisions are to be implemented under an earlier plan for mutual tariff reductions on goods with a total value of about $30 billion. Most-favored-nation rates may be applied to some goods from China.
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Sanctions and technology
Speaking before the US House Committee on Financial Services, Bessent said he wants to discuss with He sanctions related to the war in Iran, amid increased US economic pressure on the Islamic Republic.
Competition in artificial intelligence remains one source of tension between Washington and Beijing. Bessent emphasized the importance of maintaining US leadership, while Chinese companies are narrowing the gap with competitors from Silicon Valley.
China has not yet confirmed the date of Xi Jinping's trip to the United States. According to sources, representatives of the state-owned food trading company Cofco may join the Chinese delegation, while the inclusion of business executives from more than a dozen companies is being considered.
