China's Ministry of Commerce said the United States and China have reached preliminary agreements on tariff reductions and the easing of non-tariff barriers through the recent Beijing summit between the two countries.
In a statement posted on its website Thursday in a Q&A format with reporters, the Commerce Ministry spokesperson announced that the two countries achieved initial results in the economic and trade fields through high-level talks held in South Korea on the 13th and a summit in Beijing on the 14th.
"The two countries agreed to continue implementing the outcomes of previous negotiations and have formed a positive consensus on tariff measures," the spokesperson said. "The two countries will discuss issues such as tariff reductions on relevant products through the trade committee, and have agreed in principle to lower tariffs on products each side values, on an equivalent scale."
The spokesperson added that the two countries will resolve or make substantial progress on non-tariff barriers and market access issues for some agricultural products.
The United States agreed to actively pursue resolution of China's long-standing concerns regarding the automatic seizure of dairy products and seafood, exports of Chinese bonsai to the U.S., and recognition of avian influenza-free zones in Shandong Province, while China also agreed to actively pursue resolution of U.S. concerns regarding beef facility registration and poultry exports from certain U.S. states to China, the spokesperson explained.
The Commerce Ministry spokesperson also said, "The two countries agreed to promote two-way trade expansion in areas including agricultural products through measures such as mutual tariff reductions on a certain range of products."
"The two countries have drawn up plans for China to purchase aircraft from the United States and for the U.S. to ensure the supply of aircraft engines and parts to China, and have agreed to continue advancing cooperation in related areas," the spokesperson said.
"Currently, the two sides are negotiating the details of these outcomes," the spokesperson said. "The economic and trade teams of both countries will, in accordance with the consensus direction confirmed by the two heads of state, swiftly consolidate the outcomes and implement them well together, thereby injecting more certainty and stability into future China-U.S. economic and trade cooperation and the global economy."
However, the Commerce Ministry spokesperson's announcement did not include specific details such as which products would see tariff reductions and by how much, or how many U.S. aircraft China would purchase.
U.S. President Donald Trump visited China on the 13th for the first time in nine years, holding a summit and tea meeting with Chinese President Xi Jinping. He completed his three-day, two-night schedule and departed on the 15th.
