In a statement posted on Saturday, the commerce ministry in Beijing said the two sides US and China, had agreed to establish a trade council and an investment council.
China’s commerce ministry said that Beijing and Washington had struck a preliminary agreement to reduce some tariffs and also confirmed agricultural and aircraft deals reached during U.S. President Donald Trump’s trip to Beijing.
The trade council will seek to negotiate reciprocal tariff reductions on specific products, as well as broader cuts on unspecified goods, including agricultural products, it said.
The two sides agreed to promote two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on a range of products,” the commerce ministry in Beijing said.
They have agreed in principle to lower tariffs on products of respective concern on an equivalent scale,” the ministry said without providing further specifics.
In addition, the two sides “agreed to promote two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on a range of products,” the ministry said.
According to the statement, the two countries also “will resolve or make substantive progress toward resolving non-tariff barriers and market access issues involving some agricultural products in near future.”
The ministry’s statement came the day after Trump concluded a state visit to China for talks with Chinese President Xi Jinping.
While,Trump had indicated on Friday that tariffs were not discussed in his meetings with Xi.
