China and the United States agreed to reduce tariffs on "relevant products" after a meeting between Donald Trump and Xi Jinping concluded on May 16, but did not specify which products, reduction percentages or implementation timeline. The announcement was made by China's Ministry of Commerce, according to Gazeta do Povo. ✓
Press quotes (1)
"O anúncio foi feito pelo Ministério do Comércio da China, que não informou, contudo, quais itens serão incluídos na redução tarifária entre as duas partes, nem quando os cortes entrarão em vigor."
The two powers also created a "Trade and Investment Council" to discuss tariff disputes, according to Chinese diplomat Wang Yi. Economic teams will work to expand bilateral trade under a "reciprocal tariff reduction framework," including measures to facilitate agricultural product access to both countries' markets. ✓
Press quotes (1)
"The economic and trade teams of China and the United States will work to expand two-way trade under a reciprocal tariff reduction framework, China's top diplomat Wang Yi said here on Friday. The two sides have also agreed to establish a trade council and an investment council and address each other's concerns over market access for agricultural products"
Current tariffs remain at elevated levels after the trade war of recent years — the US applies average tariffs of 47.5% on Chinese products, while China maintains 31.9% on American products, according to CNBC data cited by Gazeta do Povo. During Trump's first presidency (2017-2021), both countries increased average tariffs to about 20%, covering more than 50% of bilateral trade. ✓
Press quotes (2)
"Segundo a CNBC, as tarifas comerciais entre os dois países continuam elevadas após a guerra tarifária iniciada nos últimos anos. Atualmente, as tarifas médias dos EUA sobre produtos chineses chegam a 47,5%, enquanto as tarifas chinesas sobre produtos americanos estão em 31,9%."
"One result was that each country increased its average duty on imports from the other to rates of roughly 20 percent, with the new tariffs and counter-tariffs covering more than 50 percent of bilateral trade."
The agreement also includes Chinese commitments to purchase American aircraft and US guarantees to supply engines and aeronautical components to China. Trump had stated during the visit that China agreed to buy 200 Boeing aircraft, but the Chinese regime confirmed only "relevant arrangements" without releasing official numbers. ✓
Press quotes (1)
"Trump afirmou durante a visita que Pequim concordou em comprar 200 aviões da Boeing e motores fabricados pela General Electric. O regime chinês confirmou agora a existência de "acertos relevantes" envolvendo aeronaves e motores, mas não divulgou números oficiais sobre a compra de aviões."
China and US created a Trade and Investment Council
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (1)
Phase One agreement from 2020 had dispute resolution process allowing suspension of obligations
Conflicting versions (1)
Specific numbers for aircraft purchases
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Which specific products will have tariffs reduced?
Why it's still unknown: China's Ministry of Commerce did not specify which items will be included in the tariff reduction
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What will be the percentage of tariff reduction?
Why it's still unknown: No source released specific numbers about the agreed reduction percentage
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When will tariff reductions take effect?
Why it's still unknown: The implementation timeline was not announced by Chinese or American authorities
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How many aircraft will China actually purchase?
Why it's still unknown: Trump mentioned 200 Boeing aircraft, but the Chinese regime confirmed only 'relevant arrangements' without official numbers