In May 2026, the Heads of State of China and the United States met in Beijing and agreed to establish an intergovernmental Board of Trade. From September 20 to 23, the two sides held the eighth round of economic and trade consultations in New York and Washington, U.S., reaching consensus on the working procedures for the China-U.S. Board of Trade, the terms of reference for the “30-for-30” framework, and the list of products to be covered by tariff reduction.

According to the working procedures, the mission of the Board of Trade is to optimize bilateral trade and will consider arrangements for optimizing bilateral trade and issues that impact trade. It is believed that the Board of Trade will provide an important platform and institutional safeguard for China and the U.S. to continuously lengthen the list of cooperation and shorten the list of issues in economic and trade areas, and contribute to a constructive China-U.S. relationship of strategic stability.

Under the framework of the Board of Trade, China and the U.S. reached consensus on the reciprocal tariff reduction framework of USD 30 billion. The two sides agreed to provide tariff reduction treatment to imported products valued at approximately USD 30 billion on each side (based on 2024 bilateral trade volume) in a reciprocal manner, in accordance with their respective domestic laws and procedures. More than 90% of these products will be exempted from all additional tariffs imposed on each other and enjoy most-favored-nation tariff treatment.

Based on their respective market needs and industrial interests, the two sides agreed on the list of products for reciprocal tariff reduction. The U.S. will reduce tariffs on approximately USD 30 billion of Chinese imports, including toys, home appliances, baby products, kitchen and bathroom products, and festive gifts. China will reduce tariffs on approximately USD 30 billion of U.S. imports, including agricultural products, personal care products, medical devices, and coal. The two sides agreed to jointly publish the lists of products for tariff reduction. Subsequently, after completing their respective relevant domestic legal procedures, the two sides will reduce the tariffs simultaneously. This arrangement will help stabilize China-U.S. trade, create better conditions for the export of relevant Chinese products to the U.S., and also help meet domestic market demand and strengthen bilateral trade cooperation in areas such as agricultural products, energy, manufactured goods, and consumer goods.

The two sides agreed to establish an Agricultural Working Group under the Board of Trade to discuss relevant issues including regulation and market access, address trade concerns, and expand practical cooperation in the agricultural field. The Agricultural Working Group plans to hold its first meeting by the end of 2026. China will continue to urge the U.S. side to address China’s concerns in the agricultural field through the working group meetings. (Released on September 28)