US and China push for tariff preferences on $30 billion of goods each way

U.S. Treasury Secretary Scott Bessent said Washington and Beijing agreed at a newly established trade committee to pursue preferential tariff treatment on up to $30 billion each way in non-sensitive goods, according to a November 10 Treasury press release. The two sides also set up a working group under the committee to address agricultural trade barriers, building on China's commitment to import at least 25 million tons of U.S. soybeans and 10 million tons of U.S. coal over the next two years. The arrangement follows a meeting between Presidents Donald Trump and Xi Jinping, who agreed to build a constructive relationship based on balance and reciprocity and established two new bilateral bodies. The move matters because it marks a structured, reciprocal channel for lowering tariffs on selected goods rather than a broad rollback, with agriculture as the first test case. What to watch next is whether the committee translates the $30 billion framework into concrete tariff cuts and whether the farm working group delivers on the soybean and coal purchase commitments.