US and China Reach Preliminary Tariff Reduction Deal

Washington and Beijing announced a preliminary agreement to cut a portion of tariffs and to set up two new bodies – a Trade Council and an Investment Council – to oversee reciprocal trade negotiations. The deal also includes sector‑specific arrangements in agriculture and aviation, with China committing to purchase 200 Boeing aircraft and related General Electric engines, and the United States guaranteeing delivery of jet engines and parts.

The agreements were concluded during President Donald Trump's official visit to Beijing on May 14‑15, where he met President Xi Jinping. Both sides said the talks aim to lower non‑tariff barriers and improve market access for agricultural products. Further high‑level meetings are planned, including a possible September visit by Xi to the White House.