China and US agree to establish trade and investment councils after Xi-Trump summit

China and the United States have agreed to establish Trade and Investment Councils, committing in principle to match each other’s Tariff Cuts on a reciprocal basis.“The two sides will use the Trade Council as a forum to discuss issues such as tariff reductions on specific products,” China’s Ministry of Commerce said in a statement on Saturday, without providing further details.The world’s two largest economies also made progress on Agricultural Trade and aircraft, the statement added.The two sides agreed to reduce non-tariff barriers on certain farm goods, covering products like Chinese seafood, dairy products and American beef and poultry, and to expand two-way Agricultural Trade through mutual tariff reductions on a defined range of products.The ministry also confirmed a deal covering China’s purchase of US aircraft and Washington’s guarantee of supply of jet engines and components to China, agreeing to continue cooperation in related areas.“The two sides have reached arrangements on China’s purchase of aircraft from the US and the US ensuring the supply of aircraft engines and components to China, and agreed to continue advancing cooperation in related areas,” the statement said.Earlier, US President Donald Trump said China had agreed to purchase at least 200 commercial aircraft from Boeing, and up to 750 if certain conditions are met – a commitment which would end a nearly decade-long order drought – following a state visit to Beijing, where Trump said a purchase of up to 450 aircraft engines from General Electric was also agreed upon.