China, US reach initial consensus on key trade issues

In a significant development, China and the United States have achieved preliminary agreements on several pivotal trade issues, as announced by a senior Chinese official on Sunday. The discussions, held in Kuala Lumpur, Malaysia, addressed key areas such as export controls, the extension of the 90-day tariff truce, fentanyl-related tariffs, the expansion of bilateral trade, and US port fees. Li Chenggang, China’s international trade representative at the Ministry of Commerce, described the talks as ‘constructive’ following the conclusion of the fifth round of China–US economic and trade negotiations since May. The negotiations took place at Merdeka 118, the world’s second-tallest building, and commenced on Saturday. This round of talks was particularly crucial as the already-extended 90-day tariff truce is nearing its expiration on November 10. The agreements mark a positive step towards resolving longstanding trade disputes between the two economic giants, potentially paving the way for more stable and cooperative economic relations in the future.