China and US Discuss Tariff Reduction Framework; ECB Hikes Rates by 25 bps

The Chinese Ministry of Commerce announced that China and the US are negotiating a reciprocal $30 billion tariff reduction framework. Domestically, China released its 15th Five-Year Plan for building a financial powerhouse, while August new energy vehicle production and sales grew by over 18% year-on-year. Financial regulators are cracking down on price wars, and the NDRC issued guidelines on cost accounting for low-price industrial competition.