China and the US have agreed to continue implementing ‘all’ agreements previously reached and to establish councils for trade and investment, following a two-day summit between Chinese President Xi Jinping and his US counterpart Donald Trump. The two countries have also agreed to address each other's concerns regarding market access for agricultural products and promote expanding two-way trade within a framework of reciprocal tariff reductions.
BEIJING: China and the US agreed to continue implementing “all” agreements previously reached and to establish councils for trade and investment, Beijing’s top diplomat said in a statement on Friday.
It comes after a two-day summit between Chinese President Xi Jinping and his US counterpart Donald Trump discussed a spate of thorny issues dividing the world’s two largest economies from trade to the Middle East, as they met in Beijing where the US leader was feted with a temple tour and tea. Trump touted “fantastic trade deals”, announcing in interviews Chinese purchases of American soybeans and jets, but there have been no official announcements or details from either side.
After Trump’s departure from China, Xi accepted an invitation from his US counterpart on Friday to visit the United States in autumn.
“The delegations of the two countries reached overall positive results, including continuing to implement all consensus reached in previous consultations agreeing to establish a trade council and an investment council,” Wang Yi said, according to a statement from the Chinese foreign ministry. US Treasury Secretary Scott Bessent said in an interview with CNBC on Thursday the countries were in talks to establish a bilateral “board of trade” and “board of investment”.
The two countries also agreed to “address each other’s concerns regarding market access for agricultural products and promote expanding two-way trade within a framework of reciprocal tariff reductions”, Wang said. China and the US are in the middle of a year-long trade truce reached in October, where both sides agreed to slash tariffs on each other’s goods that had exceeded 100%.
China US Trade Summit Agreements Councils Xi Jinping Donald Trump Temple Tour Tea Trade Deals Soybeans Jets Scott Bessent CNBC China-US Trade Truce
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's President Xi Jinping and US President Donald Trump's Meeting: Can China and the US Avoid the 'Thucydides Trap'?When Chinese President Xi Jinping met US leader Donald Trump in Beijing on Thursday, he posed a big question: Can China and the US avoid the 'Thucydides Trap'? The term was popularised by Harvard political scientist Graham Allison in the early 2010s, drawing on the ancient Greek historian Thucydides. The concept suggests that competition between major powers can escalate into conflict, even if neither side seeks confrontation.
Read more »
Chinese President Xi Jinping and US President Donald Trump Attend a Welcome Ceremony in Beijing, with Xi Warning on Taiwan and Trump Seeking Trade WinsChinese President Xi Jinping and US President Donald Trump attend a welcome ceremony in Beijing, with Xi Jinping warning on Taiwan and Trump seeking trade wins in a superpower summit.
Read more »
‘Basically a Chinese racket’: How China streaked ahead at a global AI conferenceLONDON, May 15 (Reuters) - Elon Musk's X has agreed to strengthen protection for UK users against illegal hate speech and terrorist content, Britain's media regulator said on Friday, following months of regulatory pressure.
Read more »
US President Trump Heads Home With Vague Trade Deals After China TripThe US president returned from Beijing after announcing several trade deals and military pledges but with details largely uncertain, while Beijing expressed satisfaction with the overall meeting but avoided specifics beyond calling it a 'milestone visit'.
Read more »