China and US reach preliminary tariff reduction deal, confirm trade agreements

China’s commerce ministry said on Saturday 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 ministry's statement came the day after Trump concluded a state visit to China for talks with Chinese President Xi Jinping. Trump had indicated on Friday that tariffs were not discussed in his meetings with Xi.

In a statement posted on its website Saturday, the commerce ministry in Beijing said the two ⁠sides had agreed to establish a trade council and an investment council. 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.

"Through the trade council, the two sides will discuss issues such as tariff reductions on specific products, and 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.

The two countries also "will resolve or make substantive progress toward resolving non-tariff barriers and market access issues involving some agricultural products," according to the statement.

In the aviation sector, the two sides "reached arrangements" concerning China's purchase of aircraft from the U.S. and over U.S. guarantees for the supply of aircraft engines and related parts to China, the ministry said. Trump had announced earlier that China agreed to buy 200 Boeing aircraft as well as General Electric engines.

Tariffs were a big issue going into last week's summit in Beijing, but Trump told reporters on Air Force One on Friday that the two sides did not talk about U.S. tariffs on imports from China. “We didn’t discuss tariffs,” Trump said.

Trump and Xi may meet as many as four times this year as part of Washington's efforts to stabilize U.S.-China relations, Treasury Secretary Scott Bessent said in January. Their next face-to-face encounter will be when Xi makes a state visit to the White House in September.