finance
US and China Agree to Lower Tariffs on Range of Products
The United States and China reached an agreement to reduce tariffs on certain unspecified products to promote bilateral trade. China's Commerce Ministry confirmed the deal, which includes plans for China to purchase American planes and address concerns over agricultural imports. The move marks a step toward easing trade tensions between the world's two largest economies.
May 16, 9:14 AM·1m read3 sources
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The agreement was announced on Saturday and includes China's commitment to purchase U.S. planes while addressing American concerns regarding agricultural imports. Officials described the measures as steps to facilitate smoother trade flows between the two countries.
China's plan to buy American planes forms a key part of the understanding. The agreement comes amid ongoing efforts to stabilize economic relations. Both sides have faced pressure from businesses affected by elevated tariffs imposed in recent years.
The latest understanding represents a partial rollback on those levies for selected categories. It also stopped short of detailing how agricultural import concerns would be resolved. The development was reported consistently across initial statements from Chinese authorities.
No immediate confirmation or additional details from U.S. officials were included in the early announcements.
Lower tariffs on targeted products could reduce costs for importers and exporters on both sides. Industries tied to aircraft manufacturing and agriculture stand to benefit if the commitments are implemented. The agreement arrives as global supply chains continue to adjust to shifts in U.S.-China economic policy. Further talks are expected to clarify implementation details in coming weeks.
