US Treasury Secretary Scott Bessent has said the United States plans to talk to China about forming a "Board of Trade," which will decide on tariff reductions for some non-strategic goods.
In an interview with US broadcaster CNBC aired on Thursday, Bessent said the two sides could use the board to identify goods eligible for tariff reductions worth around $30 billion.
He cited the examples of fireworks or "very low end consumer goods that are going to keep coming from China no matter what," saying tariffs for such products could be lowered or even removed completely.
Tariff reductions should only apply to products that are not of strategic importance to the US nor intended to be produced in the US, Bessent emphasized.
The trade secretary also said Beijing had signalled interest in purchasing several US goods, including liquefied natural gas and crude oil, and that production in Alaska should be ramped up to meet the rising demand.
US President Donald Trump is currently in Beijing for talks with his Chinese counterpart Xi Jinping. His delegation includes high-ranking ministers and a number of business leaders.
