China And US Agree To Cut Tariffs, Establish Trade Council After Xi-Trump Summit

China and the United States agreed to reduce tariffs on products of "equal scale" that concern each side, as Beijing confirmed procurement of aircraft from Washington, according to a statement from China’s Ministry of Commerce on Saturday.

The Anadolu Ajansı report said the spokesperson added that "The two sides will discuss issues including tariff reductions on relevant products through the Trade Council" and agreed to establish a Trade Council to discuss tariff reductions, investments, and bilateral trade.

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Beijing also confirmed arrangements on China’s purchase of aircraft from the US and Washington ensuring the supply of aircraft engines and components to Beijing, while Trump had announced China agreed to buy 200 Boeing aircraft and General Electric engines.

The same Anadolu Ajansı report said the economic and trade teams met in Seoul on May 13 ahead of the summit between Trump and Xi Jinping, and it cited average US tariffs on Chinese exports at 47.5% and average China tariffs on US exports at 31.9%.

In a separate account, the South China Morning Post said the two sides agreed to establish trade and investment councils and to "match each other’s tariff cuts on a reciprocal basis" after the Xi-Trump summit.

China’s top diplomat Wang Yi said the delegations reached "overall positive results" and agreed to continue implementing "all" agreements previously reached, while establishing a trade council and an investment council after a two-day summit between Xi Jinping and Donald Trump.

The Star’s AFP-sourced report said Wang Yi spoke in a statement from China’s foreign ministry, and it added that US Treasury Secretary Scott Bessent said the countries were in talks to establish a bilateral "board of trade" and "board of investment".

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TRT World reported that Wang Yi called on the United States and Iran to resolve their disputes, including the nuclear issue, through negotiations and dialogue following Trump’s state visit to China.

TRT World also quoted Wang Yi saying China encourages the US and Iran to continue resolving their differences and disputes, including the nuclear issue, through negotiations, and it said he advocated the swift reopening of the Strait of Hormuz on the basis of maintaining a ceasefire.

In the same TRT World account, Wang Yi said the leaders held nearly nine hours of talks during Trump’s three-day state visit to China and described the discussions as candid, in-depth and strategic.

China’s Foreign Minister Wang Yi said Xi Jinping will pay a return visit to the United States on Sept. 24 after an invitation from US President Donald Trump, marking Xi’s first state-focused bilateral visit in nearly a decade following his 2017 US leaders’ meeting.

Türkiye Today reported that Wang Yi announced the planned visit hours after Trump departed China following a two-day summit focused on trade, geopolitical tensions and broader strategic relations between the world’s two largest economies.

The same Türkiye Today account said the two sides agreed to continue implementing all agreements reached during previous consultations and to establish new trade and investment councils, while working groups finalize details and ensure implementation of the agreements.

In the South China Morning Post account, China’s Ministry of Commerce said the Trade Council would be used to discuss issues such as tariff reductions on specific products, and it said the two sides made progress on agricultural trade and aircraft.

The Anadolu Ajansı report also said the US side would "actively" push to resolve 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.