China's Ministry of Commerce: "Tariff Reductions on $30 Billion Worth of Goods Each With the U.S."

Announcement of U.S.-China Summit Results

Joint Research on Rare Earth Elements

Purchase of 200 Boeing Aircraft... Restoration of U.S. Beef Exporters' Qualifications

According to China's Ministry of Commerce, the United States and China have agreed to pursue reciprocal tariff reductions on goods worth 30 billion dollars (approximately 45.315 trillion won) each, following a summit meeting between the two countries' leaders. The two nations will also continue cooperation on key issues, including export controls on rare earth elements, the resumption of U.S. beef exports, and the introduction of Boeing aircraft.

On the 20th, an official from the Americas and Oceania Department of China's Ministry of Commerce stated that the two countries had reached a "positive joint understanding (agreement)" after detailed discussions on the results of negotiations held in Korea from the 12th to the 13th of this month and at the Beijing summit from the 13th to the 15th.

U.S. President Donald Trump (left) and Chinese President Xi Jinping. Photo by Reuters Yonhap News

The Ministry of Commerce announced that both countries have, in principle, agreed to discuss a mutually equivalent tariff reduction framework for goods of the same value at the trade commission they have decided to establish. The value of goods is expected to be at least 30 billion dollars for each side. The Ministry also stated that the most-favored-nation tariff rate, or an even lower rate, is expected to apply to the items agreed upon by both parties.

The Ministry added, "The economic and trade teams of both countries will maintain close communication, set specific plans, and work toward prompt implementation."

Regarding rare earth elements, which China has used as a means of leverage in the U.S.-China trade dispute, the Ministry did not provide specific details but only mentioned that the two sides had communicated sufficiently on the issue of export controls. The Ministry stated, "Both sides will jointly study ways to address each other's reasonable and legitimate concerns," and added, "China seeks to work with the United States to promote mutually beneficial cooperation between the two countries' enterprises and to foster an environment conducive to the security and stability of global industrial and supply chains."

Previously, the White House stated in a fact sheet released on its website that "China will address U.S. concerns regarding supply chain shortages of items such as yttrium, scandium, neodymium, and indium."

Regarding aircraft transactions, the Ministry assessed this as a key area for deepening mutual cooperation. "In accordance with the important agreements reached by the two leaders, Chinese airlines will introduce 200 Boeing aircraft based on commercial principles and the needs of air transport development," the Ministry said, "and at the same time, the United States will provide sufficient engines and parts to China."

On agricultural trade, the Ministry described it as a crucial element of economic and trade cooperation between the two countries and assessed it as a win-win partnership based on complementary supply and demand. The Ministry welcomed the entry of U.S. agricultural products into the Chinese market and also emphasized that Chinese dairy products and certain agricultural and aquatic products have potential demand in the U.S. market.

The Ministry also announced plans to restore registration qualifications for U.S. beef exporters whose qualifications had lapsed, blocking exports to China for some time; to lift restrictions related to highly pathogenic avian influenza (AI) from certain U.S. states in order to resume poultry imports; and to promptly review corrective documentation submitted by U.S. beef companies whose exports had been suspended due to drug residue issues.

In this regard, the White House fact sheet stated that China will renew export approvals for more than 400 U.S. beef facilities whose registrations had expired, add new registrations, and work with U.S. regulatory authorities to remove all restrictions on U.S. beef facilities.

The Ministry of Commerce stated, "We will maintain close communication with the U.S. side regarding follow-up work under the China-U.S. economic and trade consultation mechanism and strive to resolve the concerns of both sides."

This content was produced with the assistance of AI translation services.