China and US hold first trade council meeting, discuss tariffs and farm trade

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China and US hold first trade council meeting, discuss tariffs and farm trade

China and the United States held the first meeting of their trade council by video link, according to China's commerce ministry. The two sides discussed tariffs, a reciprocal tariff-reduction arrangement and agricultural trade.

China and the United States held their first trade council meeting under a bilateral economic and trade consultation mechanism, China's commerce ministry said on Saturday. The meeting took place via video link on Friday.

According to the ministry, the two sides held candid, in-depth and constructive discussions on implementing outcomes from previous trade consultations. Those outcomes include tariffs, a reciprocal tariff-reduction arrangement involving $30 billion on each side, agricultural trade and other issues of note.

Both sides will continue to use the council to address trade concerns, expand cooperation and reduce outstanding issues, the ministry added.

Source: Reuters via Investing.com

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