China and the United States have agreed in principle to discuss, through the board of trade, a reciprocal tariff reduction framework covering products of equivalent scale, with products on each side valued at $30 billion or more, the Ministry of Commerce said on Wednesday.

Trump and Xi agreed on a new Board of Trade framework at their summit, targeting $30-40B in tariff reductions while excluding advanced chips from the deal.

China and the United States have agreed in principle to discuss, through the board of trade, a reciprocal tariff reduction framework covering products of equivalent scale, with…