China says US trade truce extension creates space to advance talks — SkimNews
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- China's Ministry of Commerce said on Sept 28 the truce extension through Jan 10 provides a "relatively stable and predictable policy environment" for both sides' companies and economic teams to resolve trade issues.
- Both governments agreed to discuss reciprocal tariff cuts on US$30 billion (S$38 billion) worth of products under a new trade council, as a first step toward maintaining stable bilateral trade.
- An agriculture working group under the trade council will hold its first meeting before end-2026 to discuss two-way market access and regulation of agricultural products between the two countries.
- China agreed to import US coal in 2027 and 2028, with Beijing's commerce ministry saying the deal supplements its domestic market while bringing "stable economic income and employment" to the US coal industry.
- Both sides agreed to an AI communication channel for incidents and a follow-up dialogue by end of November, per the Chinese ministry statement.
- China will examine and approve foreign financial services institutions, including those with US capital, to conduct business and open branches there — a sector Beijing has long restricted.
- China and the US will continue communication on increasing flights between the two countries, the ministry added.
Why it matters: Both governments can claim progress at the summit, but the agriculture working group's first meeting is deferred to late 2026 and coal shipments to 2027-2028, so tangible outcomes arrive years after the headlines. China's pledge to approve US financial institutions to open branches is the most material concession in the package, gradually opening a sector it has long restricted.
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