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Follow-up consultations on existing agreement to include some agricultural products · First meeting of agricultural working group within the year
Review of applications for US financial companies to enter China… Discussion on increasing direct flights and further extending trade truce
China has decided to include US coal in the target for mutual tariff reductions between the US and China, worth 30 billion dollars (approximately 40.8 trillion won), and promote expanded imports.
As a follow-up to the existing agreement to include some agricultural products in the tariff reduction target, the first meeting of the agricultural working group to discuss agricultural market access and regulatory issues will also be held within the year.
The Chinese Ministry of Commerce announced this on the 28th, in an explanatory document on the results of the 8th US-China economic and trade negotiations held in New York and Washington from the 20th to the 23rd, under the name of the head of the Department of American and Oceanian Affairs (司, equivalent to a 'Bureau' in Korean central government ministries).
According to the Ministry of Commerce, the US-China economic and trade teams agreed to include tariffs imposed by China on coal imported from the United States in the 30 billion dollar mutual tariff reduction target.
The Ministry of Commerce emphasized, "This measure will help China expand imports of US coal in 2027 and 2028," adding, "Imports of US coal will complement China's domestic coal market while providing stable profits and jobs to the US coal industry."
The two countries also finalized an agreement on mutual tariff reduction measures.
The Ministry of Commerce stated that both sides agreed to lower tariffs on imports from the other country, totaling approximately 30 billion dollars each, and that approximately 90% of the targeted products on both sides would be lowered to the most-favored-nation (MFN) tariff level.
Specific target items will be announced later.
In the agricultural sector, following the principle agreement between the two sides in May to include some agricultural products in the tariff reduction target, they decided to activate a specific consultative body.
The two countries decided to establish an agricultural working group jointly led by the Chinese Ministry of Commerce and the Office of the United States Trade Representative (USTR) under the US-China Business Council and hold its first meeting before the end of this year.
The Ministry of Commerce stated that it would continue to urge the US side to address China's concerns in the agricultural sector through working group meetings.
A principled agreement was also reached in the financial services sector.
China decided to review applications from foreign financial service institutions, including US financial institutions, for operating and establishing branches in China in accordance with relevant laws and regulations, and to decide whether to approve them.
China also stated that it requested the US side to provide a fair, transparent, and stable policy environment for Chinese financial institutions.
Regarding the US-China Investment Council, the economic and trade teams of both countries decided to regularly dialogue on potential investment opportunities and barriers, enhance policy transparency and predictability, and address reasonable concerns of enterprises.
The two countries also exchanged views on the issue of expanding direct passenger flights between the US and China and decided to continue communication on increasing flights and related matters.
In addition, the next meeting for artificial intelligence (AI) dialogue is scheduled to be held before the end of November.
The Ministry of Commerce emphasized that regarding the decision to extend the 'trade truce', which was scheduled to end on November 10, by two months until January 10 next year, they would continue to discuss the possibility of further extension.
The Chinese Ministry of Commerce stated, "This extension provides time to review the implementation of existing agreements and examine how to develop future economic and trade relations," adding, "We will explore options for further extension through high-level economic and trade consultations by the end of the year."
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