China and the US just held their first-ever trade council meeting, virtually, of course.
The main focus? Cutting tariffs and making farm trade smoother, with both sides floating a reciprocal tariff-reduction arrangement involving $30 billion on each side.
It's a fresh attempt to move past back-and-forth tariffs and get their economic relationship on better terms.
China and US launch consultation system
This meeting kicked off a brand-new consultation system between the two countries, where the two sides had what officials called "candid, in-depth and constructive" discussions.
The idea is to keep this conversation going so they can tackle lingering trade issues together and address trade concerns, expand cooperation, and reduce outstanding issues.