Beijing, China - Beijing is keen to work with Washington to significantly reduce levies affecting tens of billions of dollars in trade, China's Ministry of Commerce said on Wednesday.
The world's two top economies spent much of 2025 embroiled in an escalating trade war, but tensions cooled down after US President Donald Trump and China's Xi Jinping secured a one-year truce when they met in South Korea last October.
As a result of Trump's historic visit to Beijing last week, the two leaders have agreed to set up a trade council, which will work to reduce tariffs and extend that same year-long truce.
Specifically, China's Commerce Ministry said that the trade council will "discuss a framework arrangement for reciprocal tariff reductions on products of equivalent scale."
If successful, the council will secure tariff cuts that will affect goods worth "$30 billion or more on each side," the online statement, attributed to an unnamed commerce ministry official, said.
China hopes "the US side will honor its commitment" made during the recent round of negotiations, it added, calling for an extension to the trade truce agreements reached last year.
The commerce ministry also said that China would restore registrations for some US beef exporters, following their lapse last year during the height of Trump's trade war.
Confirming another outcome of the Xi-Trump summit, the ministry said that China would purchase 200 aircraft from US aerospace giant Boeing, though it did not specify which model or models.
On the supply of rare earths – a critical field for China and one which has been the subject of huge sanctions from the US – the statement was scant in detail.
"Both sides will work together to study and resolve each other's legitimate and lawful concerns," it said.