China, US discuss tariffs, farm trade ahead of Xi-Trump meeting

* China-US trade council held first meeting Friday * Discussed $30B reciprocal tariff cuts and farm trade * Trump-Xi meeting expected Thursday in Shenzhen China and the US held their first trade council meeting on Friday, discussing tariff cuts, agricultural trade and other issues. Beijing's Commerce Ministry said both sides had "candid, in-depth and constructive exchanges" on implementing prior deals, including a proposed $60 billion package of reciprocal tariff reductions, of which $30 billion would come from each side. No agreements were announced, but the council will continue to address trade concerns. The planned tariff cuts include about $17 billion in US farm goods, yet Chinese purchases of US agricultural products (excluding soybeans) are on track for a seven-year low, despite a 2024 agreement to buy $17 billion annually through 2028. Beijing says the tariff reductions must be implemented before it can increase farm purchases. President Trump is scheduled to meet President Xi Jinping on Thursday at the APEC forum in Shenzhen.