Taxes on several categories of American exports are being renegotiated by the world's two largest economies. The discussions specifically target energy and agricultural shipments and occur ahead of a leaders' summit scheduled for next week to determine the future of trade relations.

These talks signal a potential extension of a 1 year trade truce that has restricted tariff hikes on multiple categories of goods. A final agreement to slash costs for fuel and farm exports is a primary agenda item for the upcoming diplomatic meeting between the US and China.