The United States and China have established a new U.S.-China Board of Trade to support bilateral economic cooperation, with an initial focus on the 30-for-30 Framework covering around $60 billion in trade.
The framework will consider roughly $30 billion of imports from each country for potential reduced tariff treatment, subject to domestic legal processes. The initiative follows talks between US President Donald Trump and Chinese President Xi Jinping.
Key developments:
- Scott Bessent, US Treasury Secretary, Jamieson Greer, US Trade Representative, and He Lifeng, Chinese Vice Premier, will oversee the trade mechanism.
- Approved product lists were based on 2024 bilateral trade values.
- The framework covers selected non-sensitive goods, with possible future expansion.
- Officials will monitor implementation and discuss adjustments where necessary.
The agreement aims to provide greater stability in US-China trade relations, although wider issues including supply chains, market access and strategic economic competition remain ongoing areas of negotiation.
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