September 28 International Forex News

Ministry of Commerce: Both Sides Agree to Reciprocally Lower Tariffs on About USD 30 Billion of Each Other's Imports

On September 28, an official from the Department of American and Oceanian Affairs of China's Ministry of Commerce interpreted the outcomes of the eighth round of China-U.S. economic and trade consultations. Both sides agreed to lower tariffs on about USD 30 billion of imports from each other on a reciprocal basis, with tariffs on approximately 90% of products on each side to be reduced to most-favored-nation rates. The two sides will implement the tariff-reduction arrangements simultaneously after completing relevant procedures under their respective domestic laws. Further information on the reciprocal tariff-reduction arrangements will be announced later. (Ministry of Commerce)

Trump Expects More Talks with Iran, Possibly Starting as Early as Monday

On September 27, according to Axios, one day after rejecting Iran's proposal to end the war, U.S. President Donald Trump said he expected U.S. negotiators to hold more talks with Iran this week. Qatar and other regional mediators are trying to restart U.S.-Iran negotiations, but the two sides remain deeply divided on key issues. While Iran wants the talks to focus on the Strait of Hormuz and the U.S. maritime blockade, the Trump administration is demanding concessions from Iran on the nuclear issue. Two regional sources confirmed Trump's statement that more talks would be held this week. They expect a new round of indirect dialogue between the United States and Iran as early as Monday, but it remains unclear whether the differences between the two sides can be bridged. Trump said: "I expect to have more talks with Iran this week. They want to make a deal, but it's not the deal I want to make. That might have been a deal we would have agreed to a year ago. They misjudged the situation and asked for too much."