Beijing: China and the US have reached an agreement to reduce tariffs on products of "equal scale" that are of concern to both nations, as Beijing confirms its procurement of aircraft from Washington. This development comes after US President Donald Trump concluded a three-day state visit to China on Friday, according to a spokesperson for Beijing's Ministry of Commerce.
According to Anadolu Agency, the spokesperson also revealed that Beijing and Washington have agreed to establish a Trade Council to deliberate on issues such as tariff reductions, investments, and bilateral trade. The spokesperson highlighted that both sides will discuss tariff reductions on relevant products through this Trade Council, agreeing in principle to reduce tariffs on products of equal scale that concern each side. However, the statement did not specify the products on which tariffs would be reduced.
Furthermore, the spokesperson mentioned that the two sides have reached relevant arrangements regarding China's procurement of aircraft from the US. This includes Washington ensuring the supply of aircraft engines and components to Beijing, with both sides agreeing to continue advancing cooperation in related fields. President Trump announced that China has agreed to purchase 200 Boeing aircraft as well as General Electric engines.
Beijing also stated that both nations have agreed to promote the expansion of two-way trade, including agricultural products, through mutual tariff reductions on products within a certain scope. The agreement aims to resolve or substantially push forward the resolution of certain non-tariff barriers on agricultural products and market access issues.
The US has committed to actively addressing China's long-standing concerns regarding the automatic detention of dairy and aquatic products, the export of medium-based bonsai to Washington, and the recognition of the avian influenza-free zone in Shandong. Conversely, China will work to resolve US concerns regarding the registration of beef facilities and the export of poultry meat from certain states to China.
Economic and trade teams from both countries met in Seoul, South Korea, on May 13, ahead of the summit between President Trump and his Chinese counterpart, Xi Jinping. Currently, average US tariffs on Chinese exports stand at 47.5% and cover all goods, as reported by the Washington-based think tank Paterson Institute of International Economics. China's average tariffs on US exports are at 31.9% and also cover all goods.
Notably, US tariffs have increased by 26.8 percentage points since the second Trump administration began on January 20, 2025, while Chinese tariffs have risen by 10.7 percentage points during the same period.