On September 28, according to the Ministry of Commerce, from September 20 to 23, the Chinese and U.S. economic and trade teams held the eighth round of economic and trade consultations in New York and Washington, achieving positive consensus and contributing to the economic and trade outcomes for the upcoming meeting between the two heads of state. Both sides agreed to establish the China-U.S. Trade Council and the China-U.S. Investment Council under the China-U.S. economic and trade consultation mechanism. Within the framework of the Trade Council, both parties reached a consensus on the '300 billion for 300 billion' reciprocal tariff arrangement: to reduce tariffs on approximately 30 billion U.S. dollars worth of products imported from each other in a reciprocal manner, with over 90% of each side's products exempt from all additional tariffs and enjoying the most-favored-nation tariff rate. The U.S. will reduce tariffs on products imported from China, including toys, home appliances, and baby products; China will reduce tariffs on U.S. products, including agricultural products, personal care items, medical devices, and coal. Both sides will implement these measures simultaneously after fulfilling their respective domestic legal procedures.