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US, China Agree to Reciprocal Tariff Cuts

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China and the U.S. agreed to establish Trade and Investment Councils, pursue reciprocal tariff reductions, and address non-tariff barriers on agricultural goods, according to a Sunday filing with China's commerce ministry.

Tariff cuts would normalize China-U.S. farm trade, letting commercial buyers back in, Reuters cited Johnny Xiang of AgRadar Consulting.

Also, China will address U.S. concerns on beef plant registrations and poultry exports.

On May 15, Beijing renewed 425 U.S. beef plants for five years and approved 77 new ones. U.S., Reuters wrote. Agriculture Secretary Brooke Rollins said China also agreed to resume beef imports from 17 states.

U.S. Trade Representative Jamieson Greer expects China to buy "double-digit billions" in U.S. farm goods over three years, according to Reuters. No details on products, prices, or volume have been released.

China and the U.S. also reached arrangements on aircraft purchases and engine supplies, according to the commerce ministry, adding that both countries' trade teams will finalize the details to implement the consensus swiftly.

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