US-China trade negotiations: 5 key outcomes

(Chinhphu.vn) - On May 16, speaking to the press about the results of the recent US-China trade talks in South Korea, the spokesperson for the Chinese Ministry of Commerce affirmed that both sides had achieved many positive results.

US President Donald Trump and Chinese President Xi Jinping. Photo: Xinhua News Agency.

A spokesperson said that on May 13, the Chinese and US trade negotiating teams held trade consultations in South Korea to prepare for a meeting between the two heads of state on economic and trade matters. During the consultations, both sides engaged in frank, in-depth, and constructive exchanges and consultations on resolving trade and economic issues of mutual concern and expanding practical cooperation. Following these consultations, both sides conducted in-depth discussions on the specific content of the outcomes and reached a positive consensus.

The US and China establish a Trade Council and an Investment Council.

Currently, the initial achievements that both sides have made in the economic and trade fields encompass many areas.

First, both sides continued to implement the outcomes of previous consultations and reached a positive consensus on the relevant tariff agreements.

Secondly, both sides agreed to establish a Trade Council and an Investment Council to discuss their respective concerns in the areas of trade and investment. The two sides will discuss issues such as tariff reductions on related products through the Trade Council and have, in principle, agreed to reduce tariffs on comparable products of mutual interest.

Third, both sides will address or substantially advance the resolution of certain non-tariff barriers and market access issues related to agricultural products. The U.S. will actively advance the resolution of China’s long-standing concerns regarding the automatic detention of dairy and seafood products, bonsai trees exported to the U.S., and the certification of Shandong as an avian influenza-free zone. China will also actively advance the resolution of U.S. concerns regarding the registration of beef processing facilities and the export of poultry from certain states to China.

The US and China reach an agreement on tariffs.

Fourth, both sides agreed to adopt agreements such as mutual tariff reductions on certain goods and to promote the expansion of bilateral trade in areas such as agricultural products.

Fifth, the two sides reached an agreement on China's purchase of aircraft from the United States and the US guaranteeing the supply of aircraft engines and spare parts to China, and agreed to continue promoting cooperation in related fields.

"Following agreements on China's purchase of US aircraft and the US guaranteeing the supply of engines and aircraft components to China, both sides have agreed to further promote cooperation in related fields," the Chinese Ministry of Commerce statement said.

Earlier, during his visit to China, President Trump said Beijing had agreed to buy at least 200 commercial aircraft from Boeing, and possibly up to 750 if certain conditions were met – a commitment that could end nearly a decade without Boeing receiving orders from China. Trump also said the two sides had reached an agreement to purchase up to 450 aircraft engines from General Electric.

The first visit by a U.S. president to China in nearly nine years comes after unprecedented tariff tensions last year. At that time, the two countries imposed triple-digit tariffs on each other's goods and imposed export controls on semiconductors and rare earth elements amid an escalating technology race.

During Trump's visit, the two countries agreed to build a bilateral relationship that is "strategically constructive and stable." Chinese President Xi Jinping said that this commitment would set the strategic direction for the years to come.

"The nature of Sino-US economic and trade relations is mutually beneficial and win-win. In the face of differences and conflicts, equal dialogue is the only correct choice," said Xi Jinping.

On May 15, Mr. Trump said that the two countries had "reached some great trade deals that were very beneficial to both sides."

An Binh

Source: https://baochinhphu.vn/dam-phan-thuong-mai-my-trung-5-ket-qua-chu-yeu-102260517070204486.htm