China’TAG_OPEN_div_38 s commerce ministry said in a statement issued on Wednesday after US President Donald Trump’s recent visit to China, adding that the two countries agreed to reduce tariffs on billions of dollars worth of goods.
Trade competition between the world’s two largest economies, China and the United States, intensified throughout 2025.TAG_OPEN_div_36 The continuous increase in tariffs on each other also had an impact on the global market. But after a meeting in South Korea in October, the two countries agreed to suspend the trade war for a year. Since then, talks have been underway at various stages to improve relations.
After last week’s summit, the two countries formed a joint business council.TAG_OPEN_div_34 According to China’s Ministry of Commerce, under the auspices of the Council, the two sides have agreed in principle to “develop a framework mechanism for mutual tariff reductions on products of the same standard”. The ministry described it as an important step to stabilise trade relations.
An unnamed commerce ministry official said in an online statement that the proposed tariff cuts would affect at least $30 billion worth of goods on both sides.TAG_OPEN_div_32 It is expected that this could affect a variety of products, from industrial goods to consumer goods.
China has also expressed hope that the commitments made by the US during the talks will be implemented.TAG_OPEN_div_30 Beijing has called for further extension of last year’s trade ceasefire agreement and continued cooperation between the two sides.
In another sign of improvement in bilateral relations, China has reinstated the registration of some U.S. beef exporters.TAG_OPEN_div_28 These companies were banned after trade tensions reached their peak. The re-authorization is now seen as an attempt to ease agricultural trade.
Meanwhile, in another significant milestone from the Xi-Trump summit, China has confirmed its decision to buy 200 aircraft from Boeing.TAG_OPEN_div_26 However, it is not clear which model aircraft will be purchased.
For the past few months, the US media has been reporting that China is preparing to sign a large-scale deal with Boeing.TAG_OPEN_div_24 The tentative order could include 500 single-route 737 MAX aircraft, as well as about 100 787 Dreamliners and large 777 series aircraft, according to the report.
Wednesday’s statement did not provide further details on sensitive issues related to controlling the supply and export of rare earth minerals.TAG_OPEN_div_22 China last year tightened export restrictions on critical minerals, which have also affected the global technology and defense industries.
“Both sides will work jointly to study and address each other’s legitimate and legal concerns,” the ministry said in a statement.TAG_OPEN_div_20
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