China and the United States held the first meeting of their bilateral trade council on Friday by video link, discussing tariff cuts and agricultural trade days ahead of an expected meeting between their presidents in Shenzhen, China's Commerce Ministry said on Saturday, Reuters reported from Beijing on November 14.

Source: Reuters, Nov 14, 2026

"The two sides held candid, in-depth and constructive exchanges on implementing the outcomes of previous China-US economic and trade talks, including tariffs, a reciprocal '$30 billion-for-$30 billion' tariff-cut arrangement, agricultural trade and other issues of mutual concern," the ministry said. It did not say whether any agreements were reached.

The meeting took place under the two countries' economic and trade consultation mechanism. The Office of the US Trade Representative also confirmed the meeting had taken place, saying Washington would keep talking with Beijing in pursuit of balanced trade, according to reports citing both governments.

Source: BigGo Finance / Bulletin Observer, Nov 14, 2026

Yaani: $30 billion is 3,000 crore dollars on each side — 6,000 crore dollars of goods in total under the combined package — and the farm-goods figure of $17 billion is 1,700 crore dollars a year.

The farm problem at the centre of the talks

Following a September summit between Presidents Xi Jinping and Donald Trump in Washington, the two sides proposed a $60 billion package of reciprocal tariff cuts, including roughly $17 billion worth of US farm goods that China imported in 2024, but the plan has yet to be finalised, Reuters reported.

Chinese purchases of US farm goods other than soybeans are on track to hit a seven-year low this year, despite an agreement to buy $17 billion annually through 2028, a Reuters analysis of customs data showed earlier this month — a gap that underscores the persistent uncertainty over the deal.

According to the American Farm Bureau Federation, China's list under the '30-for-30' framework includes major US farm products such as beef, pork, poultry, dairy, corn, wheat, rice and sorghum, but excludes whole soybeans. The Farm Bureau noted the framework is not a purchase commitment, and that final tariff rates and implementation dates have not been released.

Beijing has called on Washington to implement the agreed tariff reductions before it expands its purchases of US agricultural products, Business Today reported — a sequencing dispute that leaves the hardest question for the leaders themselves.

Source: Business Today Malaysia, Nov 14, 2026

What happens next

The White House said Trump will meet Xi on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum in Shenzhen. The trade council, first agreed by the two presidents in Beijing in May and specified further in Washington in September, has opened a working channel — but Friday's session announced no new agreement, no tariff rates and no dates.