From October 25 to 26 local time, He Lifeng, the Chinese leader of Sino-US economic and trade and Vice Premier of the State Council, held Sino-US economic and trade consultations with the US leader, U.S. Treasury Secretary Basant and Trade Representative Greer in Kuala Lumpur, Malaysia.

The two sides led by the important consensus between the two heads of state since the previous talks this year, conducted honest, in-depth and constructive exchanges and consultations around the United States-China maritime logistics and shipbuilding industry 301 measures, extended mutual tariff suspension period, Fintech tariffs and law enforcement cooperation, trade in agricultural products, export control, etc. The two sides agreed to further determine specific details and implement their respective domestic approval procedures.

Li Chenggang, international trade negotiator and vice minister of China's Ministry of Commerce, said on the 26th that the discussions between the two sides included many topics, such as export control issues that both sides are concerned about, further extension of the suspension period of reciprocal tariffs, cooperation between fentanyl tariffs and fentanyl drug control, further expansion of trade, measures related to US 301 ship charges, etc. China and the United States had constructive discussions on this. The US expressed a tough position and China was firm in safeguarding its interests. After more than a day of very intense discussions, China and the United States constructively discussed some plans to properly handle mutual concerns on these issues, and reached a preliminary consensus. In the next step, each of them will perform internal approval procedures.

Li Chenggang also added at the end of the press conference, "During the consultation, the Sino-US economic and trade teams always respect each other, and the consultation is conducted on an equal footing."

Extended reading

Americans are spending "without Chinese goods, the most terrifying" Halloween.

One week before Halloween, on the evening of October 31, many Americans dressed as ¡°demon monsters¡± will be on the streets, which is one of the most popular festivals for children.

The National Retail Federation (NRF) released a report on October 23 stating that due to tariffs, 79% of Americans expect prices to be higher this year. They need to buy more clothing, do more decorations, and spend more money.

On Santa Cruz Island, California, where Chris Zephro's warehouse is filled with horrific and bloody latex masks,"Saw" movie props and zombie games, unlike the fake blood in the warehouse, his company has suffered real "financial bloodshed" in recent months.

According to an earlier report by CNN, since the Trump administration imposed indiscriminate tariffs on China goods in April this year, Zefro's companies have been forced to pay more than US$800,000 for tariffs. His company produces and imports holiday goods and supplies them to more than 10,000 retailers around the world, 65% of which are in the United States. Due to soaring tariffs, he had to lay off 15 employees for the first time in the company's 15 years since its founding.

¡°It was one of the worst days of my life,¡± Zeffro said, ¡°these people are my friends, I know their families, and I hope one day I can get them back.¡±

Chris Zeffro. video footage

The British "Independent" pointed out on the 21st that Trump's tariffs on Chinese goods caused a large number of orders to be shelved, and importers gave up production because of high costs. As a result, this year's Halloween supply in the United States was tight and prices generally rose.

NRF expects U.S. consumers to spend a record $13.1 billion this Halloween, up from $11.6 billion last year and surpassing the 2023 figure of $12.2 billion. In addition, the per capita expenditure will reach $114.45, an increase of $11 over last year.

In response to the complaints of business owners and the actual data, the White House is still tough. White House spokesman Kush De responded on Monday that real prosperity is ¡°the average American has good jobs, a thriving industry and prosperous communities, not cheap Chinese imports.¡±

He also turned a blind eye to the painful choices of the American people, saying, "President Trump promised to use tariffs to level the playing field, combat fentanyl smuggling and restore the greatness of the United States. Rising wages, historic trade agreements and trillions of dollars in investment commitments all prove that the 'America First' policy is rewarding the American people in the most important way".

This rhetoric sounds particularly ironic to small business owners. Zefro said helplessly, "I really want to talk to Trump alone behind closed doors. He is not a fool, and he took the same course as me in business school." "So let's be frank, this is Economics 101 (basic economics course in American universities), and the tariffs are paid by our importers."

On October 17, in Lancashire, Michigan, a dog carefully dressed by the owner participated in the Halloween "cake" event.

After paying the tariffs, importers usually absorb part of the cost themselves, then transfer the remaining pressure to the retailer, and finally the retailer decides whether to raise the price to the consumer.

Reyna Hernandez, from California, was shopping for a Halloween costume for her 6-year-old son when she found a suitable hat and asked $30.

We can¡¯t afford it at all, and this year a lot of people have simply given up buying Halloween clothes for their children.¡±Hernández says that she can now only buy the clothes she needs to dress up on a periodic basis and try to balance the cost.

An NRF survey showed that 79% of U.S. consumers expect to pay for tariffs this Halloween, paying higher prices. The federation estimates that consumers will spend an average of $37.62 on clothing this year, an increase of 11% from 2024.

Ryan Goldman, manager of a chain store selling Halloween costumes in the United States, said, "We try not to pass on all the rising prices to customers, but we all know that prices will generally rise due to tariffs". He expects the average price increase of clothing by $5 to $10, but they are trying their best to keep the price of children's clothing unchanged and try to increase the price of adult clothing a little more.

The Independent that the tariffs also raised the price of important Halloween goods. While U.S. companies insisted that the price of Halloween goods was not affected, consumers reacted that the price of a box of 48 chocolate bars has risen from $40 to more than $50. At the same time, the unusual climate made West Africa available to reduce production, accelerating the cost rise.

In addition, the tariffs imposed by the United States on European wines and spirits also make the festive atmosphere "more expensive". Wine from France, Italy, Spain, and Scotch whisky are not exempted. The European Union exported $3.4 billion of spirits to the United States last year, and now the price will fluctuate upwards.

Due to the rising cost of imports, Zeffro and Goldman both abandoned the sale of some large items for Halloween this year. Goldman pointed to a mechanical clown in a cage in the store, saying it was not sold last year, last year for $399.99 and this year the price will be close to $600.

Halloween clowns and clowns video

Goldman began doing the business in the 1980s and experienced recessions, natural disasters and new coronavirus, but he said this year was tough, just thinking inflation passed and wildfires and tariffs followed.

"As a result, the cost of everything is still higher than before," Goldman said. "I don't care much about politics, but the consequences are already in front of us. It's not beautiful, and many families will get into financial trouble because of it."

In a letter to CNN, the Halloween and Clothing Association warned that tariff pressure is hurting all aspects of the industry as a whole, raising high concerns, especially for small manufacturers who lack scale, cannot transfer costs or re-flow production.

The association noted that the manufacturing industry¡¯s re-flow to the U.S. is a huge obstacle, ranging from infrastructure costs, regulatory burden to raw material supply, restricting domestic manufacturing in the U.S.

Zefro also bluntly shouted to the Trump administration,"If you really want manufacturing to return, you must first understand why it left the United States in the first place. Encourage companies to come back through incentives rather than punishing companies that have to use overseas factories."

The surge in import costs caused by tariffs also caused him to cut some of the production of mobile dolls. Zeffro explained that at today¡¯s high prices, these dolls can¡¯t find the demand market. When asked when the change would happen, he said a joke full of black humor, ¡°Maybe wait until after the midterm elections.¡±