China's Ministry of Commerce: "Agreement with US to lower tariffs on mutually important products of equal scale"

China's Ministry of Commerce: "Agreement with US to lower tariffs on mutually important products of equal scale"

Announcement of US-China summit achievements... "Plans for purchasing US aircraft derived" mentioned without specific figures

China's Ministry of Commerce announced that the two countries have reached a preliminary agreement on tariff reductions and the easing of non-tariff barriers through the recent US-China summit in Beijing.

A spokesperson for the Ministry of Commerce stated in a statement posted on its website in a Q&A format on the 16th that the US and China achieved preliminary results in economic and trade fields through a high-level meeting held in Korea on the 13th and a summit held in Beijing on the 14th.

The spokesperson explained, "The two countries agreed to continue to implement previous negotiation outcomes well and formed a positive common understanding (consensus) on tariff measures. The two countries will discuss issues such as tariff reductions on relevant products through the trade committee and have agreed in principle to reduce tariffs on products they each deem important, on an equal scale."

The spokesperson added that the two countries would resolve non-tariff barriers and market access issues for some agricultural products or promote substantial progress.

The spokesperson further explained that the United States agreed to actively promote the resolution of China's long-standing concerns regarding automatic detention of dairy products and aquatic products, China's bonsai exports to the US, and the recognition of Shandong Province as an avian influenza-free zone. China also agreed to actively promote the resolution of US concerns regarding beef facility registration and the export of poultry from some states to China.

In addition, the spokesperson for the Ministry of Commerce stated, "The two countries agreed to promote the expansion of two-way trade in areas including agricultural products through measures such as mutual tariff reductions on a certain range of products."

The spokesperson for the Ministry of Commerce also explained, "The two countries have formulated plans for China to purchase aircraft from the United States and for the United States to ensure the supply of aircraft engines and parts to China, and have agreed to continue to promote cooperation in relevant areas."

The spokesperson added, "Currently, both sides are negotiating the details of the achievements. The economic and trade teams of both countries will quickly solidify the achievements and implement them well together, following the direction of the consensus confirmed by the leaders of both countries, thereby injecting more certainty and stability into future US-China economic and trade cooperation and the global economy."

However, the announcement by the Chinese Ministry of Commerce spokesperson on this day did not include specific details such as which products' tariffs would be reduced and by how much, or how many US aircraft China would purchase.

US President Donald Trump visited China on the 13th for the first time in nine years, held a summit and tea ceremony with Chinese President Xi Jinping, and departed on the 15th after completing his three-day itinerary.