From September 20 to 23, the Chinese and U.S. economic and trade teams held economic and trade consultations in New York and Washington D.C., the U.S., reaching positive consensus and contributing economic and trade outcomes to the meeting between the two Heads of State. The head of the MOFCOM’s Department of American and Oceanian Affairs provided an interpretation of the relevant economic and trade consultation outcomes.

I. On the Board of Trade

After consultations, China and the U.S. agreed to establish the China-U.S. Board of Trade under the China-U.S. economic and trade consultation mechanism, with the primary target of optimizing bilateral trade. The economic and trade teams of the two sides have reached consensus on the board’s mission, structure, responsibilities and meeting schedules, which will be announced later. The Board of Trade will first discuss the “30-for-30” framework with a view to reaching consensus. An agricultural working group has been established under the framework of the Board of Trade, and other arrangements to optimize bilateral trade will also be considered. It is believed that the Board of Trade will provide an important platform and institutional safeguard for China and the United States to continuously lengthen the list of cooperation and shorten the list of problems in economic and trade fields and promote the sustained, stable and sound development of China-U.S. economic and trade relations.

II. On the “30-for-30” Framework

To implement the important consensus reached at the meeting between the two Heads of State, China and the U.S., on the basis of mutual respect and equal-footed consultation, held multiple rounds of consultations on the reciprocal tariff reduction arrangement of USD 30 billion under the framework of the Board of Trade, and have now reached consensus. The two sides agreed to reduce tariffs on approximately USD 30 billion worth of products imported from each other on a reciprocal basis, with tariffs on about 90% of those products from each side to be reduced to the most-favored-nation (MFN) tariff rates. The two sides will implement the tariff reduction arrangement simultaneously after completing relevant procedures in accordance with their respective domestic laws. Relevant information on the reciprocal tariff reduction arrangement will be announced later. This arrangement is conducive to continuing efforts to stabilize China-U.S. economic and trade relations and create better conditions for relevant Chinese exports to the U.S.

III. On Expanding Coal Trade

The economic and trade teams of China and the U.S. reached consensus that tariffs on China’s imports of coal from the U.S. will be included in the “30-for-30” framework, which will facilitate China’s annual imports of coal from the U.S. in 2027 and 2028. Coal imports from the U.S. are not only a useful supplement to China’s domestic coal market, but will also generate stable income and employment for the U.S. coal industry, which helps in stabilizing and expanding China-U.S. bilateral trade. It is expected that with the joint efforts of the two sides, China-U.S. cooperation in the coal sector will continue to deepen, delivering mutual benefits and win-win outcomes.

IV. On the China-U.S. Board of Investment

After consultations, China and the U.S. agreed to establish the China-U.S. Board of Investment under the China-U.S. economic and trade consultation mechanism. The board will build an institutionalized communication platform for the two sides. The economic and trade teams of the two sides will conduct regular dialogue on potential investment opportunities and investment-related impediments, enhance policy transparency and predictability, and respond to the reasonable concerns of enterprises, on the premise of compliance with the respective laws and regulatory requirements of the two countries.

V. On the Agricultural Working Group

In May 2026, the economic and trade teams of China and the U.S. reached a series of positive consensuses on promoting the resolution of non-tariff barriers and market access issues for certain agricultural products of the two sides, and agreed in principle to include relevant products in the “30-for-30” reciprocal tariff reduction framework. Subsequently, the economic and trade teams of the two sides conducted professional and pragmatic consultations on agricultural issues. Against this backdrop, the two sides agreed to establish an agricultural working group under the China-U.S. Board of Trade, co-led by MOFCOM and the Office of the United States Trade Representative (USTR), with the participation of relevant regulatory agencies of the two countries. The working group will discuss issues such as two-way market access and regulation of agricultural products. The two sides agreed to hold the first meeting of the working group before the end of 2026. China will continue to encourage the U.S. to address China’s concerns in the agricultural sector through the meetings of the working group.

VI. On Financial Services

In recent years, China has voluntarily expanded the opening up of its financial services sector, an effort which has been recognized by the international community and benefited many U.S.-funded institutions. During this round of consultations, the two sides reached consensus in principle on financial services. China will, in accordance with laws and regulations, review applications from financial services institutions of all countries, including U.S.-funded ones, for operating and establishing branches in China. It is hoped that the U.S. will also provide a fair, transparent and stable policy environment for Chinese-funded financial institutions.

VII. On the China-U.S. Dialogue on Artificial Intelligence

During this round of consultations, the two sides agreed to establish the China-U.S. artificial intelligence (AI) dialogue under the China-U.S. economic and trade consultation mechanism, with Vice Premier He Lifeng and Treasury Secretary Scott Bessent as principals of each side. They also held their first dialogue on AI to exchange views on AI-related risks and benefits. The two sides agreed to hold the next round of dialogue by November 2026. The two sides agreed to establish a communication channel for AI-related incidents.

VIII. On the Extension of the Kuala Lumpur Economic and Trade Arrangement

In October 2025, China and the U.S. reached a joint arrangement in Kuala Lumpur to address their respective economic and trade concerns, suspending the implementation of certain tariff and non-tariff measures on the two sides until November 10, 2026. In this round of economic and trade consultations, China and the U.S. agreed to extend the Kuala Lumpur economic and trade arrangement to January 10, 2027 and continue to actively discuss this matter with the aim of reaching a mutually agreed solution. This arrangement provides space for the two sides to take stock of and evaluate the implementation of the joint arrangement and consider how to advance China-U.S. economic and trade relations in the next step, while offering through a combination of a certain period of extension and continued active discussion a relatively stable and predictable policy environment for cooperation between enterprises of the two sides. It is believed that the two sides will continue to work towards a positive solution for further extension through high-level economic and trade interactions before the end of the year.

IX. On Increasing China-U.S. Direct Flights

Passenger flights between two countries play an important role in promoting bilateral personnel exchanges, people-to-people and cultural exchanges, and economic and trade cooperation. During this round of consultations China and the U.S. exchanged views on increasing direct passenger flights. The two sides agreed to maintain communication on increasing China-U.S. flights and related matters.

X. On Implementing the Consensus Reached in Previous Consultations

Since last year, the two sides have held eight rounds of economic and trade consultations, reaching a series of mutually beneficial, balanced and positive economic and trade outcomes on important economic and trade issues of mutual interest, including promoting bilateral trade and investment, which have served to maintain the overall stability of economic and trade relations between the two countries. During this round of consultations, China and the U.S. reaffirmed and recommitted that they will continue to implement the consensus reached in previous economic and trade consultations. This will create enabling conditions and a stable environment for economic and trade cooperation between the two countries and is of great significance for promoting global economic development. (Released on September 28)