Banking and Finance Law Daily Wrap Up, VITAL BRIEFING—Extension of China tariff truce agreed to ahead of Xi, Trump summit, (Sep 28, 2026)
Organizations Mentioned:Cato Institute
The U.S. and China also agreed to operationalize a process for considering cuts to tariffs on low-tech Chinese imports and U.S. energy and agricultural exports, according to a recent statement from U.S. Trade Representative Jamieson Greer.
In this edition of Tariff Insights, Thomas Thompson focuses on the state of U.S.-China trade relations as Chinese President Xi Jinping meets with President Donald Trump and Treasury Secretary Scott Bessent at the White House.
Thompson reports that ahead of the meeting, the parties agreed to a two-month extension of a trade truce that had been scheduled to expire on November 10 after being in effect for a year. Under that arrangement, the U.S. committed not to raise most tariffs on Chinese imports, while China agreed to loosen some measures it had taken to restrict the export of rare earth metals to Western economies.
Some of the other matters Thompson discusses in the article include:
Plans to move forward on a U.S.-China “board of trade,” which is intended to provide a mechanism for resolving administrative trade issues and to facilitate lowering tariffs on non-critical goods.
The lack of progress and a foundering investment agreement between the U.S. and South Korea, which involves a $350 billion investment package for several significant energy and infrastructure projects. The South Koreans are seeking assurances that the specified U.S. investment projects are “commercially reasonable.”
A Cato Institute/Morning Consult survey of more than 4,000 registered voters shows that 57 percent of Americans believe that Trump tariffs are a tax on Americans, while 53 percent of those surveyed believe tariffs have weakened the U.S. economy.
To read the piece, click on Extension of China tariff truce agreed ahead of Xi, Trump summit.
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