# Global Events

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Trump-Xi Summit Could Bring Tariff Relief on $30 Billion in Goods President Donald Trump hosts Chinese President Xi Jinping at the White House on Thursday, and officials say the talks could produce announcements in three areas: financial services, agricultural purchases and tariff cuts on about $30 billion in non-critical goods. Treasury Secretary Scott Bessent flagged those topics after meeting Chinese Vice Premier He Lifeng, and said the two sides had agreed to push back the Nov. 10 expiry of their trade truce by two months to leave room for a possibly larger deal. The timing carries weight in both capitals. Trump faces midterm elections in a little over a month, while Xi heads home to begin preparing for a key Party Congress. Bessent said Washington would be comfortable either extending the current Busan arrangement or pursuing something broader. Financial Services: Few Details So Far Officials haven't said publicly what a financial services announcement would contain, which makes it the hardest of the three to read. In earlier rounds of talks, including the 2020 Phase One deal, this area covered market access for U.S. banks, insurers, asset managers and payment companies. A fresh pledge could lift sentiment for American firms still waiting on licenses or ownership approvals in China, and even a modest opening could carry symbolic weight, since finance has long been a sector where U.S. companies say access lags behind promises. Past commitments, though, were often slow to show up as real business. Sanctions add friction too. Bessent told House lawmakers this month that the administration had sanctioned three Chinese banks over their dealings with Iran, suggesting finance may remain a point of pressure as much as cooperation. Farm Purchases: A Baseline to Beat Agriculture is the most familiar deliverable. After the May summit in Beijing, the White House said China had pledged to buy at least $17 billion a year in U.S. farm goods in 2026, 2027 and 2028, on top of a 25-million-ton soybean commitment. Bessent said Beijing is meeting the soybean requirement but falling behind on the broader pledge. For traders and exporters, the key question is whether any new announcement adds volume above those targets or simply restates them. Tariffs could matter as much as purchase totals. China's duty on U.S. soybeans sits at roughly 13%, and industry figures say U.S. exporters and Chinese private buyers are both eager for joint cuts. Lower duties could make American commodities more competitive with Brazilian supply, though they wouldn't guarantee sales. Relief would be welcome in farm country, where nearly two-thirds of surveyed producers say they're concerned about the farm economy. Tariff Cuts on $30 Billion in Goods The third track runs through the new U.S.-China Board of Trade, which the two governments announced in May. Bessent has described a plan for the board to negotiate lower tariffs on nonsensitive products worth up to $30 billion in import value, and China's Commerce Ministry has confirmed talks covering $30 billion of goods from each side. NPR, citing two business-community sources, reported that the U.S. may cut tariffs on consumer goods such as footwear and apparel while China announces farm purchases. Negotiators have also reportedly discussed trimming or scrapping China's 15% tariff on U.S. liquefied natural gas. The sum is small next to total bilateral trade. Still, importers of shoes and clothing could see some cost relief, and the package would offer an early test of whether the board can deliver. For markets, a published product list would likely matter more than the headline figure, since the mix of goods will decide which industries benefit. What to Watch Analysts are keeping expectations in check. A Peterson Institute senior fellow told reporters that holding the status quo may be the most Washington can realistically hope for, given Beijing's leverage over rare earths and permanent magnets. Boeing is another open item. Trade Representative Jamieson Greer said China is making progress on its 200-plane commitment, but the company's CEO has played down expectations of a fresh order around the talks. Several deadlines also remain open. USTR's suspension of Section 301 maritime measures expires on Nov. 9 unless extended, and the fine print on purchase volumes, tariff lists and timelines will likely matter more to markets than the ceremony. Bessent said the extended truce could give the leaders more time to talk at summits in China in November and Florida in December, leaving room for further announcements later in the year. Sources Reuters via The Korea Times: https://www.koreatimes.co.kr/world/20260924/us-china-agree-to-extend-trade-truce-by-two-months-work-on-bigger-deal-bessent-says NPR: https://www.npr.org/2026/09/23/nx-s1-5978733/trump-xi-meeting-china Related YouTube Videos Trump and Xi to meet in Washington summit | BBC Learning English from the News https://www.youtube.com/watch?v=M6gAF_YCzGY