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Market Chatter: US-China Said Expected to Cut Tariffs on Certain Goods in Beijing Summit

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The US and China are expected to launch a so-called "Board of Trade" mechanism this week, with each side potentially identifying $30 billion worth of goods on which they could cut tariffs, Reuters reported Wednesday.

US Trade Representative Jamieson Greer proposed the approach in March as a key "deliverable" agreement for the summit between US President Donald Trump and Chinese President Xi Jinping, the report said.

Ahead of the Trump-Xi summit, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met for three hours in Incheon, South Korea, to lay the groundwork for economic proposals for Trump and Xi to discuss in Beijing, Reuters said.

The officials expect a $30 billion-for-$30 billion trade-barrier reduction framework agreement, Reuters said, citing four people familiar with the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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