Key facts
- The U.S. and China have agreed to establish a trade council.
- The council will facilitate discussions on reciprocal tariff reductions.
- Both nations' economic and trade teams will engage in further consultations.
- Cooperation in the aircraft and agricultural sectors is considered mutually beneficial.
- Agreements were reached regarding China's aircraft procurement from the U.S. and U.S. supply of aircraft engines and components to China.
The United States and China have reached an agreement to establish a trade council, a move aimed at fostering discussions on cooperative measures, including the potential for reciprocal tariff reductions. This framework will allow the economic and trade teams of both nations to conduct further consultations on these matters.
According to a spokesperson for China's Ministry of Commerce, He Yadong, the trade cooperation between the two countries in sectors such as aircraft and agriculture is mutually beneficial. The ministry indicated that the economic and trade teams will continue to maintain communication, encouraging enterprises from both sides to strengthen linkages and expand trade cooperation.
Preliminary outcomes from economic and trade consultations also include an agreement in principle to reduce tariffs on products of equal scale that concern each side. Furthermore, arrangements have been made concerning China's procurement of aircraft from the U.S., as well as ensuring the U.S. supply of aircraft engines and components to China, with both sides agreeing to continue advancing cooperation in these related fields.