U.S. and Chinese officials held what 'sources' described as constructive talks in Paris to stabilise trade ties ahead of a planned Trump–Xi summit in Beijing.

Summary:

• U.S. and Chinese officials held “candid and constructive” trade talks in Paris.

• Discussions focused on stabilising the bilateral trade relationship.

• China may consider increasing purchases of U.S. agricultural products.

• U.S. officials pushed for more Chinese imports of Boeing aircraft and energy products.

• Rare earth supply challenges facing American firms were also discussed.

• Proposals for managed trade and investment frameworks were explored.

• Technical negotiations will continue ahead of a planned Trump–Xi summit in Beijing.

U.S. and Chinese officials have held what sources described as “candid and constructive” discussions in Paris aimed at stabilising their trade relationship ahead of an expected summit between the leaders of the world’s two largest economies.

According to people familiar with the talks, the meeting brought together senior economic officials from both sides to explore ways to reduce tensions and prepare proposals for consideration at a future meeting between Donald Trump and Xi Jinping in Beijing.

Participants discussed measures designed to enhance stability in bilateral trade ties, including the possibility of increased Chinese purchases of U.S. agricultural goods. The proposals are being framed as potential confidence-building steps ahead of the leaders’ summit.

Officials also examined broader “managed trade” arrangements and investment frameworks that could help structure economic engagement between the two countries and address persistent trade imbalances.

During the discussions, U.S. officials raised the prospect of additional Chinese purchases across several sectors. Representatives from Washington reportedly encouraged Beijing to consider expanding imports of American products such as aircraft from Boeing, as well as coal, crude oil and natural gas.

The talks also addressed supply chain concerns affecting American businesses operating in China. One issue raised involved difficulties some U.S. companies have faced in securing supplies of rare earth elements, including yttrium, which are critical inputs in a wide range of advanced technologies and industrial applications.

The U.S. delegation included Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, who pressed Chinese counterparts on market access and trade balance issues.

Sources said both sides viewed the meeting as a constructive step in ongoing economic dialogue. However, officials acknowledged that many details still need to be worked out before any formal agreements are reached.

Technical-level discussions are expected to continue, with negotiators scheduled to meet again on Monday to further develop proposals and address outstanding issues.

The renewed engagement comes as Washington and Beijing attempt to stabilise their economic relationship amid broader geopolitical tensions and ongoing disputes over trade, technology and supply chains.

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• Prior was -2.1%
• Import prices vs +0.8% expected
• Prior import prices +0.5%
• Export prices vs +0.5% expected
• Prior export prices -1.6%

New Zealand's terms of trade measure the ratio of the country's export prices to its import prices, serving as a key indicator of the nation's purchasing power in international markets. This metric is particularly important for New Zealand given its heavy reliance on commodity exports, especially dairy, meat, forestry products, and horticultural goods.

Throughout 2025, New Zealand's terms of trade were shaped by several intersecting forces. Global dairy prices, which represent a significant share of export revenue, experienced fluctuations driven by shifting demand from key markets such as China and Southeast Asia. The performance of Fonterra's Global Dairy Trade auctions remained a closely watched barometer for the country's export outlook.

On the import side, energy costs played a substantial role. Oil price movements, influenced by OPEC+ production decisions and broader geopolitical tensions, affected the cost of fuel and manufactured goods entering the country. A weaker New Zealand dollar relative to the US dollar also tended to push import costs higher, putting downward pressure on the terms of trade even when export volumes held steady.

Structural factors continued to matter as well. New Zealand's shift toward higher-value exports — including premium wine, technology services, and niche agricultural products — offered some insulation against raw commodity price swings. Meanwhile, supply chain adjustments following the disruptions of earlier years contributed to more stable, if elevated, import pricing.

Statistics New Zealand publishes official terms of trade data quarterly, and these releases are closely monitored by the Reserve Bank of New Zealand as an input into monetary policy decisions, given their implications for national income and inflationary pressures.