US-China Economic and Trade Consultations: Beijing Announces 5 Preliminary Achievements, Including Aircraft Purchases

According to a release from China's Ministry of Commerce tonight, the US-China economic and trade teams reached five "preliminary achievements" in South Korea on the 13th. More concretely, this includes the establishment of a Trade Council and an Investment Council. China will purchase aircraft from the US, and the US will guarantee the supply of aircraft engines and parts, though the number of aircraft was not disclosed. This indicates many economic and trade disagreements between the US and China still need to be discussed. The Ministry of Commerce spokesperson stated that on May 13, the US-China economic and trade teams held consultations in South Korea to prepare for the leaders' meeting. The five preliminary achievements are: 1. Both sides will continue to implement prior consultation results and have formed a positive consensus on tariff arrangements. 2. Agreement to establish a Trade Council and an Investment Council to discuss respective concerns. 3. Both sides will resolve or substantially advance the resolution of some non-tariff barriers and market access issues for agricultural products. 4. Agreement to expand bilateral trade in areas including agricultural products through arrangements like "mutual tariff reductions on a certain range of products." 5. An arrangement was reached for China to purchase aircraft from the US and for the US to guarantee the supply of engines and parts to China. The teams will continue to negotiate the details.