Executive summary

This edition of Trade Talking Points provides updates on trade policy developments, including the United States (US)-China Board of Trade recommending goods for reduced tariff treatment, the European Union (EU) and the Philippines reaching substantial agreement on Free Trade Agreement negotiations, and the European Commission imposing provisional safeguarding measures on imports of grain-oriented electrical steel.

Latest US trade policy announcements

US-China Board of Trade recommends goods for reduced tariff treatment

On 27 September 2026, the US-China Board of Trade published its "30-for-30" lists of products recommended to receive reduced tariff treatment.

The "30-for-30" lists represent a reciprocal trade arrangement between the US and China, in which each country will consider reducing tariffs for US$30b of imports from the other country.

Following the release of the lists, the US and China will consider the list of US products for import into China and the list of Chinese products for import into the US, with a view to providing reduced tariff treatment to the listed goods.

The products recommended to receive reduced tariff treatment for import into China include agricultural goods, seafood and medical devices.

The products recommended to receive reduced tariff treatment for import into the US include small appliances and toys.

President Trump meets with President Xi to discuss US-China trade

On 25 September 2026, US President Trump met President of China, Xi Jinping, as part of President Xi's state visit to the United States.

As part of their meeting, the leaders activated the bilateral mechanisms of the US-China Board of Trade and the US-China Board of Investment, which were established at the US-China Summit in May 2026.

As part of both Boards, the parties announced the following measures and areas for cooperation:

• More favorable tariff treatment will be provided for US$30b of nonsensitive goods of both American and Chinese origin.
• A new working group will focusing on addressing market access barriers in the agricultural industry.
• China will import at least 10 million metric tons of coal from the United States in both 2027 and 2028.
• The US-China Board of Investment will discuss potential investment opportunities and investment-related impediments as well as providing a structured channel for both parties to address issues surrounding commercial investment.
• The United States and China will continue to address US concerns regarding supply chain shortages related to rare earths and other critical minerals.

USTR holds public hearing on Section 301 investigation into Germany's pharmaceutical pricing practices

On 22 September 2026, the Office of the US Trade Representative (USTR) held a public hearing regarding the investigation under Section 301 of the Trade Act of 1974 into Germany's acts, policies and practices related to its alleged underpayment for innovative pharmaceutical products.

The USTR initiated the Section 301 investigation against Germany on 18 June 2026. (For background, see EY Global Tax Alert, USTR initiates Section 301 investigation into Germany pharmaceutical pricing practices; hearing scheduled and comments requested, dated 19 June 2026.)

Latest EU trade policy announcements

EU and the Philippines reach substantial agreement on Free Trade Agreement negotiations

On 22 September 2026, the EU and the Philippines reached substantial agreement in negotiations for an EU-Philippines Free Trade Agreement (FTA).

The EU and the Philippines first launched negotiations for an FTA in 2015. Following a pause in talks, the negotiations resumed in March 2024.

As part of the FTA, the parties have agreed that:

• The FTA will liberalize more than 94% of tariff lines, covering more than 97% of bilateral trade.
• The Philippines will open its government procurement market to foreign bidders for the first time.
• Intellectual property rights will be enhanced, including to protect EU Geographical Indicators.
• Transparent rules on sanitary and phytosanitary measures and technical barriers to trade will be drafted to facilitate trade and reduce costs for companies.

Both parties will now finalize the agreement on the basis of the substantial agreement reached, including determining the terms of its implementation and finalizing technical details.

European Commission imposes provisional safeguard measures on imports of grain-oriented electrical steel

On 18 September 2026, the European Commission imposed provisional safeguard measures on imports of grain-oriented electrical steel products.

The introduction of the measures follows an investigation initiated by the European Commission on 27 March 2026 in response to high import pressure from third countries, driven by growing global overcapacity.

The provisional safeguard measures are in the form of tariff-rate quotas coupled with price thresholds, with all tariff-rate quotas distributed on a "first-come, first-served" basis.

In-scope goods originating from Iceland, Kenya, Liechtenstein, Norway or Ukraine are not subject to the safeguard measures.

The provisional measures will apply for 155 days, until 26 February 2027.

Latest UK trade policy announcements

British Industrial Competitiveness Scheme applications open 1 October - 30 November 2026

On 1 October 2026, the application window opened for the British Industrial Competitiveness Scheme (BICS).

From 2027, BICS will reduce electricity costs by up to £40 per megawatt hour for qualifying businesses that manufacture eligible goods in Great Britain and operate within manufacturing frontier industries identified in the UK's Industrial Strategy as growth sectors and foundational manufacturing industries.

To be eligible for BICS, a business must:

• Be registered with Companies House
• Operate within an eligible sector as determined by the UK's Industrial Strategy growth-driving sectors
• Manufacture eligible products in Great Britain
• Use at least 33 megawatt-hours (MWh) of grid-supplied electricity per year at the manufacturing site for which support is being claimed

The application period closes on 30 November 2026.