US and China Swiftly Agree to New Trade Panel, Tariff Cuts

The world's two largest economies, the United States and China, have agreed at a summit to create a new trade and investment committee and lower tariffs on some items based on mutual benefit. This agreement is the result of both countries agreeing to revoke high tariffs, deepen investment, and form a new consultative body to manage trade conflicts.

According to China's Ministry of Commerce, the two countries have agreed to mutually lower tariffs on Chinese seafood and dairy products, as well as U.S. beef and poultry in the agricultural sector. China has pledged to purchase between a minimum of 200 and a maximum of 750 commercial aircraft from U.S. manufacturer Boeing, and to purchase up to 450 aircraft engines from General Electric (GE).

President Xi Jinping emphasized that the nature of U.S.-China economic and trade relations is mutual benefit and win-win, while President Trump described it as a "great and wonderful trade deal." The two countries plan to build a constructive and strategically stable bilateral relationship through this summit.

The newly established trade committee will serve as a communication channel between the two countries, discussing specific issues such as tariff reductions on certain products. This agreement has sent a positive signal to the global market, and specific items for tariff reduction and measures to deepen investment are expected to be discussed going forward.