China and the U.S. have agreed in principle to reduce tariffs on select goods following a recent top-level summit in Beijing, China's Commerce Ministry said on Saturday.
The two countries agreed to establish trade and investment councils to discuss issues such as tariff reductions, and have agreed to reduce tariffs on products of similar size and concern to each other.
Both sides will work on expanding bilateral trade in agricultural products through mutual tariff reductions. The specific products were not immediately identified.
Additionally, China and the U.S. reached agreements on the purchase of American aircraft and the supply of aircraft engines and parts.
