China Reports Progress In Trade With the US After Xi-Trump Meeting

BEIJING, May 17 (Bernama-dpa) -- China reported progress in trade talks with the United States following a summit between US President Donald Trump and President Xi Jinping in Beijing, reported German news agency dpa.

The two sides reached preliminary agreements on tariffs, agricultural issues and aircraft, the Ministry of Commerce in Beijing said on Saturday. Further negotiations on details are underway.

According to Beijing, China and the US agreed to establish trade and investment councils. 

The Trade Council will be used to discuss tariff reductions for specific products, among other things. There is general agreement on reducing tariffs on certain products to a comparable extent. Beijing also indicated progress in agricultural trade.

Beijing did not provide details about rates.

The Ministry of Commerce's statement also mentioned agreements on China's purchase of US aircraft, as well as on the supply of aircraft engines and components to China. Trump had previously said that China had agreed to buy 200 Boeing aircraft. The Foreign Ministry in Beijing did not confirm that figure when asked.

Overall, the Chinese account of the summit's outcomes remained more cautious than that of the US side. While Trump and US representatives hinted at large Chinese purchases after the summit, Beijing did not provide any details regarding the scope, value, or timeframes of the agreements.

--BERNAMA-dpa