Published November 14, 2026 · By
China trade talks moved into a new phase on Friday, when Washington and Beijing held the first meeting of a new bilateral trade council, according to China's Commerce Ministry. The video conference focused on tariffs, a proposed reciprocal tariff-cut deal and U.S. farm exports, and it came less than a week before President Donald Trump is scheduled to meet Chinese President Xi Jinping in Shenzhen.
The ministry did not say whether any agreements were reached. Here is what each side said, what is still unresolved and what the next round of China trade talks could mean for prices, farm income and your budget.
What Happened in the China Trade Talks on Friday
China's Commerce Ministry announced on Saturday that the two governments held their first Trade Council meeting on Friday, November 13, by video conference. The council operates under the existing bilateral economic and trade consultation mechanism, the ministry said, according to Anadolu Agency. Neither the Reuters nor the Anadolu report named the officials who led each delegation.
In its statement, quoted by Reuters, the ministry said the two sides held "candid, in-depth and constructive exchanges" on carrying out the outcomes of previous economic and trade talks. The topics included tariffs, a reciprocal "$30 billion-for-$30 billion" tariff-cut arrangement, agricultural trade and other issues of mutual concern.
Beijing said both sides agreed to keep using the council to address trade concerns, expand cooperation and narrow outstanding differences. The ministry did not announce any signed agreement, new purchase commitment or tariff change as a result of the session.
The Numbers Behind the Talks
The figures in the China trade talks have been building since the leaders' September summit in Washington. Based on Reuters reporting, the key numbers are:
- $60 billion: the total package of reciprocal tariff cuts proposed after the September summit, or $30 billion of goods in each direction. It has not been finalized.
- About $17 billion: the value of U.S. farm goods China imported in 2024, which is included in that package.
- $17 billion a year through 2028: the level of U.S. farm purchases China agreed to make.
- Seven-year low: where Chinese purchases of U.S. farm goods other than soybeans were on track to land this year, according to a Reuters analysis of customs data published earlier in November.
- 24% and 10%: China this week extended for two months, from November 10, its suspension of an additional 24% tariff on U.S. goods, while keeping an additional 10% tariff in place, Voice of America reported.
What the U.S. Side Said About China Trade Talks
On the American side, the Office of the U.S. Trade Representative announced on X that the administration is establishing a U.S.-China "board of trade" to help commerce in non-sensitive products, Anadolu reported. USTR said the effort is meant to benefit American farmers, ranchers, fishermen, small businesses, manufacturers and workers.
At the same time, Washington said substantial tariffs would remain in place to counter what it describes as China's unfair trading practices, while it pursues more balanced trade in selected sectors, according to the same report.
The council meeting followed a November 6 round of China trade talks by phone, when Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer spoke with Chinese Vice Premier He Lifeng. According to Greer's office, as reported by VOA, Greer emphasized agricultural purchases, rare earths and other critical minerals. Bessent has said he will accompany Trump to the summit.
What Beijing Wants
In the China trade talks, Beijing has tied the farm side of the bargain to the tariff side. Beijing has repeatedly urged Washington to implement the $60 billion tariff-reduction deal and has described it as a prerequisite for buying more U.S. farm goods, Reuters reported. In other words, Chinese officials have signaled that larger orders for American crops depend on U.S. tariff relief arriving first.
Beijing's account of recent diplomacy has also stressed policy continuity and managing differences. After a November 11 call between Secretary of State Marco Rubio and Foreign Minister Wang Yi, the Chinese readout did not mention topics such as denuclearization that the State Department highlighted, VOA reported.
The Trump-Xi Summit in Shenzhen
The White House said Trump will meet Xi on Thursday on the sidelines of the Asia-Pacific Economic Cooperation forum in Shenzhen, Reuters reported. VOA said the APEC gathering runs November 18 to 19 and that this would be the third meeting between the two leaders this year, after reciprocal visits in May and September. Xi also plans to attend the G20 summit in Florida in December.
The White House has also said the trip will include a first-ever three-way meeting with Russian President Vladimir Putin, as we covered in our report on the Trump Putin Xi meeting. China trade talks are only one item on a broad agenda that also includes security issues and emerging technology.
What Analysts Are Watching
Yun Sun, director of the China Program at the Stimson Center, told VOA that the change in Congress after the midterm elections would not automatically shift Beijing's approach to the China trade talks. "I do not think China's assessment of the United States or its policy will undergo major changes," she said. She added that congressional pressure could show up through hearings and oversight on Taiwan, trade, Chinese investment and human rights.
Sun also said Trump's own preferences and White House decisions are likely to remain the main drivers of the relationship. For a broader look at how the earlier tariff proposal took shape, see our coverage of the $30 billion China tariffs relief plan.
What China Trade Talks Mean for You
This section is our analysis based on the reported facts. For most households, Friday's meeting does not change anything immediately. No tariff rate was cut and no new purchase deal was announced. Still, the direction of China trade talks matters for several groups of Americans, and the coming week could bring more concrete decisions.
Farmers and Rural Communities
Farm exports are at the center of the China trade talks. If the $60 billion package is finalized and China follows through on $17 billion a year in farm purchases, growers and ranchers could see stronger export demand. If talks stall, the Reuters data showing weak non-soybean purchases suggests that pressure on farm income may continue. USTR's planned board of trade is aimed partly at this group.
Shoppers and Small Businesses
Whatever the outcome of the China trade talks, tariffs on Chinese goods are paid by U.S. importers and can show up in prices for electronics, household items and parts. A reciprocal cut covering $30 billion of Chinese goods could ease costs on the specific products included, though the list has not been made public. Because Washington says substantial tariffs will remain, any relief would likely be limited to selected categories rather than broad price drops.
Investors and Retirement Savers
Markets often react to headlines from China trade talks, especially for companies that sell into China or depend on Chinese supply chains. Outcomes from Thursday's summit, positive or negative, could add to short-term volatility. Long-term savers may want to avoid making sudden changes to retirement accounts based on a single meeting.
Practical Steps to Consider
- If you run a business that imports from China, review which of your product codes could fall under any announced tariff cuts and keep records ready for possible adjustments.
- If you farm or work in agriculture, watch for USDA and USTR announcements after the summit on purchase commitments and market access.
- If you are planning large purchases of imported goods, compare prices over the next few weeks rather than assuming immediate savings.
- Follow official updates from the Office of the U.S. Trade Representative for primary details on any deal.
What Comes Next
The next milestone is Thursday's meeting between Trump and Xi in Shenzhen. Beijing says both sides agreed to keep using the new council to work through trade disputes, and the unresolved $60 billion tariff package is likely to be a central test of whether the latest round of China trade talks produces measurable results.
Until either side publishes final terms from the China trade talks, the existing tariffs remain in effect, and the farm-purchase targets remain commitments rather than completed sales.
This article is for information only and is not financial advice.
Sources: Reuters (via Investing.com and Yahoo Finance), Anadolu Agency, Voice of America, Office of the U.S. Trade Representative (ustr.gov).
