Backgrounder: What consensus have China and the US reached in previous economic and trade consultations?

Chinese and US teams on Sunday held candid, in-depth and constructive exchanges during consultations on economic and trade issues, and they also held dialogues on AI-related issues.

Chinese Vice Premier He Lifeng, who led the Chinese delegation, held economic and trade talks in New York with US Treasury Secretary Scott Bessent, head of the US side, and US Trade Representative Jamieson Greer.

Guided by the important consensus reached by the heads of state of the two countries, and by upholding the principles of mutual respect, peaceful coexistence and win-win cooperation, they have engaged in exchanges on important economic and trade issues of common concern, as well as the implementation of consensus reached in previous talks.

Here is a recap of key takeaways from those previous rounds of consultations.

1. China and the United States issued a joint statement on the bilateral economic and trade meeting in Geneva.

2. Both sides agreed to slash tariffs on each other's goods. The US committed to remove 91% in tariffs, and suspend 24% in "reciprocal tariffs" for 90 days. China would accordingly remove 91% in counter tariffs and suspend 24% in counter tariffs for 90 days. The two countries respectively retain the remaining 10% in tariffs.

3. Both sides agreed to establish a China-US economic and trade consultation mechanism.

1. The first meeting of the China-US economic and trade consultation mechanism was held.

2. The two sides reached a principled agreement on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks in Geneva.

3. Both sides made new progress in addressing each other's economic and trade concerns.

1. China and the United States released a joint statement on the bilateral economic and trade meeting in Stockholm.

2. The United States will continue to modify the application of the additional ad valorem rate of duty on articles of China, by suspending 24 percentage points of that rate for an additional period of 90 days, starting on August 12, 2025.

3. China will continue to suspend 24 percentage points of additional ad valorem rate of duty on articles of the United States as well as related non-tariff countermeasures for another 90 days, starting on August 12, 2025.

1. China and the United States reached a basic framework agreement on resolving issues related to TikTok through cooperation, reducing investment barriers and promoting relevant economic and trade cooperation.

2. The two sides fully recognized that a stable China-US economic and trade relationship is of great significance to both countries and also has a major impact on global economic stability and development.

1. The US side will remove the 10% so-called "fentanyl tariffs" imposed on Chinese goods, and will suspend, for an additional year, the 24% reciprocal tariffs levied on Chinese goods. China will make corresponding adjustments to its countermeasures against the aforementioned US tariffs. Both sides have agreed to continue extending certain tariff exclusion measures.

2. The US side will suspend for one year the implementation of the Affiliates Rule announced on September 29, 2025 that expands its "entity-list" export restrictions to any entity that is at least 50% owned by one or more entities on the list. China will suspend the implementation of relevant export control measures announced on October 9, 2025 for one year and will study and refine specific plans.

3. The US side will suspend the implementation of measures under its Section 301 investigation targeting China's maritime, logistics and shipbuilding industries for one year. In response, the Chinese side will correspondingly suspend the implementation of its countermeasures against the US side for one year once the US suspension takes effect.

4. The two sides reached consensus on issues including anti-drug cooperation on fentanyl, expanding agricultural product trade, and the handling of individual cases involving relevant enterprises. 

5. Both sides further confirmed the outcomes of the Madrid economic and trade consultations. The US side made positive commitments in areas including as investment, and China will properly resolve issues related to TikTok with the US side.

1. China and the United States agreed to study the establishment of a cooperation mechanism to promote bilateral trade and investment.

2. The two sides agreed to continue to make good use of the China-US economic and trade consultation mechanism.

1. China and the United States agreed to establish trade and investment councils to address their respective concerns in trade and investment cooperation.

2. Both sides agreed in principle to discuss, under the trade council, a reciprocal tariff reduction framework arrangement on products of equivalent scale worth $30 billion or more on each side.

3. The two sides reached positive consensus on promoting the resolution of non-tariff barriers and market access issues involving certain agricultural products from both sides. The two sides also agreed in principle to bring relevant products under the framework of reciprocal tariff reduction, and set guiding targets for expanding two-way trade in agricultural products.

4. Both sides will maintain close communication and consultations to promote the extension of the joint arrangements reached during the economic and trade talks in Kuala Lumpur.

5. On rare earths and other critical minerals, both teams conducted in-depth communication and exchanges on relevant export control issues, and the two sides will jointly study and resolve each other's legitimate and lawful concerns.

6. In accordance with the important consensus reached by the two heads of state, China's aviation industry, based on its own civil aviation transport development needs, will import 200 Boeing aircraft in accordance with commercial principles.

(Cover: File photo of containers at a port in Shanghai, east China. /VCG)