( July 23, 2026, 09:10 GMT | Official Statement) -- MLex Summary: China and the US are consulting on reciprocal tariff cuts worth $30 billion each as they work to establish a bilateral trade council agreed during US President Donald Trump's May visit to Beijing, according to Meng Huating, head of the department of foreign investment administration at China's Ministry of Commerce. China is seeking feedback from domestic enterprises, business associations, local governments and US business groups on proposed tariff reductions, while the US is soliciting public comments on the trade council and tariff arrangements, the official said at a press briefing on Thursday. The two sides remain in close communication on the council's structure, functions and operations, she added.Extract of the briefing transcript follows....
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