The Chinese Ministry of Commerce announced that the United States and China have reached a preliminary agreement on tariff reductions and the easing of non-tariff barriers during their recent summit.
According to Yonhap News on May 16, a ministry spokesperson stated in a press release posted on their website that both countries achieved initial results in economic and trade discussions during high-level talks held on May 13 in South Korea and the summit in Beijing on May 14. The spokesperson noted, "Both sides agreed to continue implementing previous negotiation outcomes and have formed a positive consensus regarding tariff measures. They will discuss tariff reductions on key products through a trade committee and have agreed in principle to reduce tariffs on products of mutual importance on an equal scale."
The spokesperson added that the two nations aim to address non-tariff barriers and market access issues for certain agricultural products and to promote substantial progress.
Additionally, the U.S. has committed to actively addressing China's long-standing concerns regarding automatic seizures of dairy and seafood products, the export of Chinese bonsai to the U.S., and the recognition of certain regions in Shandong Province as free from avian influenza. In turn, China will work to resolve U.S. concerns regarding the registration of beef facilities and the export of poultry from certain states to China.
The spokesperson also mentioned, "Both countries have agreed to promote bilateral trade expansion in agriculture and other sectors through mutual tariff reductions on a specified range of products."
Furthermore, the spokesperson explained that both nations have developed plans for China to purchase aircraft from the U.S. and for the U.S. to ensure the supply of aircraft engines and parts to China, agreeing to continue cooperation in these areas.
The spokesperson concluded, "Both sides are currently negotiating the details of the outcomes and are working to solidify and effectively implement the consensus established by the leaders, thereby injecting more certainty and stability into future U.S.-China economic and trade cooperation and the global economy."
On May 13, President Donald Trump visited China for the first time in nine years, where he held talks and discussions with President Xi Jinping before departing on May 15 after a three-day visit.
* This article has been translated by AI.
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