China says truce extension gives new momentum to US trade talks

China has signalled towards advancing trade-related talks with the United States after both sides announced a two-month trade truce extension at the Trump-Xi summit.

On Monday, China’s commerce ministry said the trade truce would provide both countries more space to assess the implementation of their arrangement to resolve bilateral economic and trade issues while making strides on these fronts at advanced levels.

The extension provides a "relatively stable and predictable policy environment for ​cooperation among companies and continued active discussions.”

After Chinese leader Xi Jinping’s visit to the United States, both countries reached a consensus on a $30 billion reciprocal tariff-reduction arrangement aimed at easing trade tensions and maintaining stable bilateral economic relations.

As per the ministry’ statement, this would also create better export conditions for Chinese products to the US. Moreover, both sides would aim at holding regular trade and economic talks. The key focus will be potential investment opportunities and roadblocks, policy transparency, predictability and addressing concerns from enterprises.

China is planning to cut tariffs on various US agricultural products and other goods including agricultural goods, seafood, fish, wood products, cosmetics and medical devices.

“China will import at least 10 million metric tons of coal from the United States in 2027 and again in 2028,” the White House said in a statement on Saturday. Liquefied natural gas and oil were not on the list.

"Importing US coal is not ​only a beneficial ⁠supplement to China's domestic coal market, but also brings stable economic income and employment to the US coal industry," the Chinese ministry said.

The announcement comes as Chinese president Xi Jinping completed a three-day visit to the US and held a summit with Trump on September 24.