[China and the U.S. Reach Consensus on '30 Billion for 30 Billion' Reciprocal Tariff Reduction Framework] According to a report by Jinse Finance, on September 28, the Ministry of Commerce announced that from September 20 to 23, the Chinese and U.S. trade teams held the eighth round of economic and trade consultations in New York and Washington, achieving positive consensus and contributing economic and trade outcomes to the upcoming meeting between the two countries' leaders. Both sides agreed to establish a China-U.S. Trade Council and a China-U.S. Investment Council under the framework of the China-U.S. economic and trade consultation mechanism. Within the framework of the Trade Council, the two sides reached a consensus on a '30 billion for 30 billion' reciprocal tariff reduction arrangement: both countries will reduce tariffs on approximately $30 billion worth of imports from the other side in a reciprocal manner. Over 90% of the products involved will be exempt from all additional tariffs and will enjoy most-favored-nation tariff rates. The U.S. will reduce tariffs on goods imported from China, such as toys, home appliances, and baby products. Meanwhile, China will reduce tariffs on goods imported from the U.S., such as agricultural products, personal care items, medical devices, and coal. Both sides will implement these measures simultaneously after completing their respective domestic legal procedures.