China: 8th round of China-US economic, trade consultations yields positive consensus: commerce ministry.

Storyline 8th round of China-US economic, trade consultations yields positive consensus: commerce ministry China's Ministry of Commerce says China and the United States have reached positive consensus on multiple economic and trade issues during their latest round of consultations in New York. The two sides agreed to establish a Board of Trade under the China-US economic and trade consultation mechanism, with the primary target of optimizing bilateral trade. They have also agreed to reduce tariffs on about 30 billion US dollars worth of imports from each other on a reciprocal basis, with tariffs on about 90 percent of the products on each side to be lowered to most-favored-nation rates. China's tariffs on coal imported from the US will be included. An agricultural working group has also been set up under the Board of Trade to discuss issues such as two-way market access and regulatory matters for agricultural products. The two sides also established an AI dialogue and held the first session during consultations, with the next exchange set for November. They will also establish a bilateral communication channel for AI incidents. China and the US agreed to set up a Board of Investment. They agreed to continue actively exploring their respective economic and trade concerns on the basis of extending the joint arrangement of the Kuala Lumpur Economic and Trade Consultation to the beginning of the next year, with the aim of reaching a mutually agreed solution. [Restrictions: No access Chinese mainland]