China said on Thursday that it hopes to implement reciprocal tariff reductions with the United States "at an early date," raising expectations that President Donald Trump and Chinese President Xi Jinping could announce progress when they meet in Washington on Sept. 24.

US, China Target $30 Billion Tariff Cuts

Commerce Ministry spokesperson Huang Ling said negotiators are working to cut tariffs on $30 billion worth of goods from each side, according to an Associated Press report. The talks focus on "nonsensitive" products and form part of negotiations around the new U.S.-China Board of Trade.

"Leaders' diplomacy plays an irreplaceable strategic guiding role in China-U.S. relations," Foreign Ministry spokesperson Guo Jiakun said Thursday.

The two governments created that board, along with a Board of Investment, during Trump's May visit to Beijing. The White House said the trade body would manage commerce in nonsensitive goods. U.S. Trade Representative Jamieson Greer later said Washington wanted to identify products that could benefit from tariff changes while preserving restrictions tied to economic and national security.

May Summit Set Broader Trade Framework

The May summit also produced commitments for China to buy at least $17 billion annually in additional U.S. agricultural products through 2028 and an initial 200 Boeing aircraft, according to the White House.

Expectations Remain Limited Ahead Of Summit

Expectations for a sweeping pact remain limited. Greer said last week Washington is "not looking for a giant comprehensive trade agreement with China," while Reuters reported the Sept. 24 summit is more likely to yield narrower announcements on agriculture, non-tariff barriers and reciprocal tariff cuts. Xi is also expected to bring a large Chinese business delegation.

The talks come as the current U.S.-China tariff truce approaches a Nov. 10 expiration. Last month Treasury Secretary Scott Bessent said negotiations were underway to remove tariffs on non-strategic goods, even as Washington pressed Beijing over industrial overcapacity and rare-earth exports.

China has also resumed large U.S. commodity purchases ahead of Xi's visit. A separate Reuters report on Wednesday noted that Chinese buyers purchased about 1 million metric tons of U.S. soybeans this week, moving purchases closer to commitments under the existing trade arrangement.

The proposed cuts could benefit U.S. exporters proportionally more. AP cited Natixis economist Gary Ng as estimating that $30 billion represents about 28% of U.S. exports to China but only around 10% of Chinese exports to the U.S.