Hopes expressed for more gains in China-US trade

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Following the inaugural meeting of the China-US trade council on Friday, business groups and analysts on both sides of the Pacific are keenly awaiting the implementation of…

Following the inaugural meeting of the China-US trade council on Friday, business groups and analysts on both sides of the Pacific are keenly awaiting the implementation of earlier trade agreements, while expressing hope that continued dialogue will yield further deliverables for the world's two largest economies.

A more stable and predictable China-United States trade relationship would inject much-needed certainty into international trade and investment, making a greater contribution to global economic recovery and growth, they added.

At the council's first meeting, held via video link on Friday under the China-US economic and trade consultation mechanism, the two sides had "candid, in-depth and constructive" exchanges on tariffs, the reciprocal tariff reduction arrangement and agricultural trade, the Ministry of Commerce said in a statement on Saturday.

In a post on X after the meeting, the Office of the US Trade Representative said the administration of US President Donald Trump looked forward to continued engagement with China to "establish fair and balanced trade between the two largest economies in the world".

The trade council was one of the main outcomes of China-US economic and trade consultations in May. Under the council's framework, the two sides agreed in September to cut tariffs on about $30 billion worth of each other's goods, according to the ministry.

"Business communities in both countries have high expectations for the '30-for-30' reciprocal tariff reduction framework, which will help stabilize and expand bilateral trade," He Yadong, a spokesman for the ministry, said at a news conference on Thursday.

Tariffs continue to "raise costs, boost inflation, and depress sales, exports and profits", the US-China Business Council said in its annual member survey released in June. The survey found that 72 percent of respondents were affected by tariffs on bilateral trade, up 4 percentage points from a year earlier.

Dai Mingfeng, a researcher at the Chinese…

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