China to buy US planes to bring down tariffs!
Beijing, May 17 (EFE).-
China announced on Sunday that it has together with the United States committed, in principle, to reduce tariffs on products of equal relevance to both parties, while confirming the purchase of US aircraft, during US President Donald Trump’s recent state visit to Beijing.
The Chinese Ministry of Commerce also reported in a statement the creation of bilateral trade and investment councils, which will serve as a dialogue mechanism to address issues such as the reduction of tariffs on certain products.
Both sides also pledged to continue implementing the agreements reached in previous consultations and highlighted progress in areas such as agricultural trade and aeronautical cooperation.
The world’s two largest economies agreed to reduce non-tariff barriers on certain agricultural products, including Chinese seafood and dairy products, as well as US beef and poultry, in addition to expanding bilateral agricultural trade through mutual tariff reductions on a defined range of products.
The ministry also confirmed an agreement regarding the Chinese purchase of US aircraft and Washington’s assurance of supplying aircraft engines and components to China, and both parties agreed to continue cooperation in related areas.
Earlier, Trump said China had agreed to buy at least 200 commercial Boeing jets, and up to 750 if certain conditions are met, a commitment that would end nearly a decade without orders.
According to the ministry, the trade teams of both countries are still discussing the details, and will finalize the results as soon as possible and work together to implement them.
Trump’s visit was the first by a US president to China in nearly nine years, and came after last year’s unprecedented tariff war.
At one point, it led to the mutual imposition of three-digit tariffs on the products of both countries, as well as export controls on semiconductors and rare earths in the midst of an intensification of the technological race.
During Trump’s visit to Beijing, both countries agreed to establish a constructive strategic stability relationship to guide the relationship in the coming years, according to the chinese Foreign Ministry.
Trump said Friday that the US and China have concluded some “fantastic” trade deals, great for both countries. EFE
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