China, U.S. Trade Teams Discuss Framework For Reciprocal Tariff Cuts

Bloomberg reported that Meng Huateng, director general of the Foreign Investment Management Department at China’s Ministry of Commerce, said at a briefing that the Chinese and U.S. economic and trade teams are maintaining close communication on specific arrangements such as the structure and operating model of the trade council. She said the two sides are also exploring a framework arrangement to advance reciprocal tariff cuts of $30 billion each.