China and US hold first trade council meeting

China and the United States held the first meeting of the trade council under the China-US economic and trade consultation mechanism via video link on Friday, China's Ministry of Commerce said on Saturday. Guided by the important consensus reached by the two heads of state, the meeting focused on implementing the outcomes of previous rounds of bilateral economic and trade consultations. The two sides had a candid, in-depth and constructive exchange on tariffs, the reciprocal tariff reduction arrangement covering about US$30 billion worth of each other's goods, agricultural trade and other issues of mutual concern. Both sides will continue to strengthen communication through the trade council, work to resolve their respective economic and trade concerns, further expand cooperation and shorten the list of issues, so as to help build a constructive China-US relationship of strategic stability based on respect, fairness and reciprocity, the ministry noted. In May, China and the United States agreed to establish a trade council to address their respective concerns in trade cooperation. The two sides held the eighth round of their economic and trade consultations in New York and Washington DC from September 20 to 23. During the consultations, they agreed to reduce tariffs on about US$30 billion worth of goods...