The outcomes achieved by China and the United States in their latest round of economic and trade consultations could help bring more certainty and confidence to global industrial and supply chains, and may contribute to stabilizing the world economy amid rising geopolitical and trade uncertainties, market observers and executives said.
The Ministry of Commerce announced on Saturday that China and the US agreed to establish trade and investment councils to address their respective concerns in trade and investment. Through the trade council, the two countries will discuss issues such as tariff reductions on specific products and have agreed in principle to lower tariffs on products of respective concern on an equivalent scale.
The two countries agreed to advance two-way trade through arrangements such as mutual tariff reductions on a range of products, including agricultural goods, while also reaching arrangements on China's purchase of US aircraft and arrangements for the US to ensure the supply of aircraft engines and related parts to China, the ministry said.
The two sides also agreed to resolve or make substantial progress toward resolving nontariff barriers and market access issues involving some agricultural products. For example, the US will actively work to address Chinese concerns including automatic detention measures targeting dairy and aquatic products, while China will actively advance solutions to US concerns regarding beef facility registration and poultry exports from certain US states to China.
