China, US discuss tariffs, farm trade

China and the United States held their first trade council session on Friday, covering tariffs and farm exports, China’s Commerce Ministry said Saturday. The ministry cited discussion of a proposed reciprocal tariff reduction worth $30 billion on each side, but disclosed no agreement. The talks came before an expected meeting between President Donald Trump and President Xi Jinping in Shenzhen next week.

The wider tariff plan, valued at $60 billion, remains unfinished, while Chinese purchases of US farm goods excluding soybeans are expected to reach a seven-year low this year, Reuters reported. Separately, Canadian Prime Minister Mark Carney said Ottawa and Washington had made progress towards a trade deal but had not concluded one; the US also threatened higher tariffs on Mexico. Canada extended tariff relief for selected US imports through June 30, 2028.