China, US Trade Teams in Close Talks on Tariff Cuts, Commerce Ministry Says

The significance lies in the mechanism, not the headline: a mutual reduction of tariffs is being discussed as a structured arrangement rather than a unilateral gesture, which implies both sides are negotiating over scope and sequencing. That matters for cross-border trade and any RWA or tokenized-asset exposure tied to tariff-sensitive flows. The Commerce Ministry's refusal to detail terms leaves the design — which goods, what schedule, how reversible — as the open question. Whether the arrangement materializes, and in what form, is what to watch.