The Chinese Ministry of Commerce announced that during President Donald Trump’s recent two-day visit to Beijing, representatives from both the United States and China reached an agreement to mutually reduce tariffs.
According to a report by Bloomberg, the ministry indicated that both nations would implement a series of measures aimed at expanding bilateral trade in sectors such as agriculture.
The ministry also confirmed China’s intention to purchase American aircraft, with Trump previously stating that China would acquire 200 Boeing jets. Following this announcement, Boeing’s stock saw a decline of approximately 4%.
Additionally, the Ministry reiterated that both parties agreed to establish councils focused on investment and trade to address ongoing issues. These councils are expected to negotiate tariff reductions on non-critical goods valued at no less than $30 billion.
President Trump arrived in Beijing on May 13, accompanied by over a dozen leaders from American corporations, including Apple CEO Tim Cook, Tesla’s Elon Musk, and Nvidia’s Jensen Huang.
On May 14, Trump met with Chinese President Xi Jinping in Beijing, where they discussed trade relations, the U.S. stance on Iran, and other geopolitical conflicts, including Taiwan.
Following his visit, Trump stated that China would be purchasing oil from the United States, a claim that has not been commented on by Chinese officials.
This visit marks the first state visit by a sitting U.S. president to China in nearly nine years, the last being Trump’s trip in November 2017 during his first term.
The recent visit by President Trump to Beijing resulted in an agreement between the U.S. and China to reduce tariffs and expand trade, particularly in agriculture. This visit also included discussions on significant purchases of American aircraft and the establishment of councils to address trade issues.