While being cautious not to exaggerate the results of the meeting, the Chinese Ministry of Commerce praised the 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,” Global Times reports, while Trump and Xi Jinping “further charted the course for the development of bilateral economic and trade relations and providing strategic guidance.”
The Times also noted that “On May 13, the Chinese and U.S. economic and trade teams held economic and trade consultations in South Korea, making preparations in the economic and trade field for the meeting between the two heads of state.”
Other progress included:
• An agreement to establish a Trade Council and an Investment Council to discuss each side’s respective concerns in the areas of trade and investment, which will discuss “tariff reductions on relevant products, and agreed in principle to reduce tariffs on products of equal scale that each side is concerned about.”
• The two sides will resolve or substantially advance the resolution of certain non-tariff barriers and market access issues related to some agricultural products.
