A Chinese government spokesperson recently expressed hope that China and the United States could reach an agreement on reducing import taxes soon. The statement, made on Thursday, has raised expectations that a major announcement might come when the leaders of the two countries meet in two weeks. During a weekly briefing, Huang Ling, a spokesperson for China's Ministry of Commerce, said negotiators are working to implement reciprocal tariff reductions on $30 billion worth of goods "at an early date." However, she did not provide further details on the timeline or specifics of the plan. U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet in Washington on September 24. This will be their third in-person meeting in the past year. Both governments have described these high-level talks as a way to stabilize relations between the world's two largest economies, which have competing interests in trade, technology, and global influence. Guo Jiakun, a spokesperson for China's Foreign Ministry, emphasized that such diplomatic meetings play a crucial role in guiding China-U.S. relations, calling them "irreplaceable" in shaping the strategic direction of the relationship. The current negotiations on reducing tariffs are part of broader efforts to create a U.S.-China Board of Trade, which was agreed upon during a previous meeting between Trump and Xi in Beijing in May. This board, along with a parallel Board of Investment, is intended to manage and regulate trade and investment between the two nations. The talks follow a temporary truce in a tense trade war, during which Trump imposed high tariffs on Chinese imports, and China responded with similar measures. The current focus on reducing tariffs is a key part of the process to establish these new trade management structures. Barclays Bank, in a recent research note, highlighted that trade will be a central topic during the upcoming Trump-Xi summit. The bank noted that the current truce on tariffs will expire on November 10, adding urgency to the negotiations. However, Barclays also warned that the scope for a broad trade agreement is limited, and that the more likely outcome is targeted tariff reductions rather than a sweeping deal. This suggests that while progress is expected, the negotiations may focus on specific areas rather than a comprehensive resolution of all trade disputes.