Trump and Xi Agree to $30 Billion Tariff Rollback

President Donald Trump and Chinese President Xi Jinping met in Washington, D.C., on September 28, 2026, establishing the 30-for-30 framework to reduce tariffs on approximately $30 billion of goods from each country. The reciprocal $60 billion agreement targets 77 Chinese product lines, including microwave ovens and small appliances, and over 1,600 U.S. products, such as poultry, dairy, and silk. To administer this mechanism, the leaders created the U.S.-China Board of Trade, which will meet quarterly under the leadership of U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng.

Beyond trade, the two nations extended a trade truce for two months to maintain the flow of rare earths and agreed to a formal inter-governmental dialogue on the risks and benefits of technology they have agreed to term super intelligence. This dialogue includes a new communication channel for related incidents, with the next round of talks scheduled for November. The leaders also aligned on limiting the nuclear capabilities of Iran and preventing tolls on international waterways.

The summit signaled a period of stability ahead of the U.S. midterm elections and a Communist Party of China plenary meeting. The presidents plan to continue their discussions with follow-up meetings in Shenzhen in November and Miami in December.