China to work with US on slashing tariffs
Beijing will work with Washington on reducing levies affecting tens of billions of dollars in goods, a commerce ministry statement said Wednesday, days after U.S. President Donald Trump visited China.
The world's two top economies spent much of 2025 embroiled in an escalating trade war, until the two leaders reached a one-year truce when they met in South Korea in October.
As a result of their summit last week, a trade council has been set up, under the auspices of which "both sides agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent scale", the ministry said Wednesday.
The intended tariff cuts will affect goods worth "$30 billion or more on each side", the online statement, attributed to an unnamed commerce ministry official, said.
