US-China Trade Truce Extended Until 2027, Tariff Reductions on Agenda

China and the United States have agreed to establish a China-U.S. Trade Council under their bilateral consultation mechanism, as part of an effort to strengthen economic cooperation.

The council's mandate, structure, responsibilities, and consultation arrangements have been agreed upon by negotiating teams, with details to be published later.

The council will first focus on discussing a reciprocal tariff-reduction framework worth 300 billion US dollars on each side, aiming for an agreement.

An agriculture working group will also be set up under the council, with its first meeting scheduled to take place before the end of 2026.