China's Ministry of Commerce said the two countries reached a consensus, on the occasion of the U.S.-China summit in Beijing, to reduce tariff burdens and ease some non-tariff barriers.
The Spokesperson for China's Ministry of Commerce said in a Q&A-style statement posted on its website on the 16th that "the two countries agreed to continue implementing previous negotiation outcomes and formed a positive common understanding regarding tariff measures." The explanation was that initial results emerged in the economic and trade fields through the high-level talks held in Korea on the 13th and the summit in Beijing on the 14th.
According to the ministry, the two sides agreed to discuss tariff reductions on related items through the trade commission. In particular, they agreed on the principle of reducing tariffs by the same magnitude on products of mutual interest. However, they did not disclose which items are covered or the extent of the reductions.
In agriculture, they agreed to continue follow-up consultations to resolve non-tariff barriers and market access issues. The United States will review issues of interest to China, including automatic seizures of dairy and seafood, exports of Chinese bonsai, and recognition of Shandong Province as free from avian influenza. China will also cooperate to resolve the registration of U.S. beef facilities and the export of poultry meat from certain states.
The two countries also aligned on cooperation in the aircraft sector. China said they drew up cooperation plans on China's purchases of U.S.-made aircraft and U.S. assurances to supply aircraft engines and parts. Ahead of the talks, the United States had set expansion of exports of agricultural products, energy, and aircraft as key goals, and the two sides had been exploring ways to increase trade in areas excluding sensitive items.
The talks also drew attention because President Trump visited China for the first time in nine years and met with President Xi Jinping. The United States and China, after exchanging tariffs that at one point topped 100% last year, have since maintained a gradual truce. If the latest agreement moves into implementation, it could become a chance to restore trade in some areas such as agricultural products and aircraft, but core conflicts over advanced technology, rare earths, and Taiwan remain.
The Spokesperson for the ministry said, "The two sides are negotiating the details of the outcomes," and added, "In line with the leaders' common understanding, we will finalize and implement the outcomes as soon as possible to inject more stability into the global economy."