China-US reach agreement including on agricultural products and tariffs

Following China USA meeting, the economic and trade teams have achieved preliminary outcomes in the economic and trade field, including agreeing to promote the expansion of two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on products within a certain scope, a spokesperson for China's Ministry of Commerce said last Saturday.

China's Ministry of Commerce said the preliminary outcomes achieved by the Chinese and US sides in the economic and trade field include: 

First, the two sides continue to implement the outcomes of previous consultations and reaching positive consensus on relevant tariff arrangements. 

Second, the two sides agreed to establish a Trade Council and an Investment Council to discuss each side's respective concerns in the areas of trade and investment, the spokesperson said. Through the Trade Council, the two sides will discuss issues including tariff reductions on relevant products, and agreed in principle to reduce tariffs on products of equal scale that each side is concerned about. 

Third, the two sides will resolve or substantially advance the resolution of certain non-tariff barriers and market access issues related to some agricultural products. 

The US will actively work to address long-standing Chinese concerns including automatic detention measures targeting Chinese dairy and aquatic products, exports of media-grown bonsai to the US, and recognition of avian influenza-free zones in East China's Shandong Province. China, for its part, will actively advance solutions to US concerns regarding beef facility registration and poultry exports from certain US states to China. 

Fourth, the two sides also agreed to promote the expansion of two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on products within a certain scope. 

The two sides are currently still consulting on details related to the outcomes, the spokesperson said, adding that the Chinese and US economic and trade teams will follow the direction of consensus set by the two heads of state, move quickly to finalize the outcomes and jointly ensure their implementation, injecting greater certainty and stability into the next stage of China-US economic and trade cooperation and the global economy.  As a result, China will accept more than 400 beef manufactures in the US to renew registration, most of them were suspended renewing from last March, thereafter beef export to China stopped.