China, U.S. Move Toward Expanded Trade Framework

Wang Yi says Beijing and Washington agreed to pursue broader two-way trade, establish new trade and investment councils, and address agricultural market-access concerns under a reciprocal tariff-reduction framework

China’s Foreign Minister Wang Yi said Friday that China and the U.S. agreed to expand bilateral trade under a reciprocal tariff-reduction framework following the Beijing summit between President Donald Trump and Chinese President Xi Jinping.

According to China’s state-run Xinhua News Agency, Wang said both countries’ economic and trade teams will continue negotiations aimed at broadening two-way commerce while lowering tariffs on a reciprocal basis. He added that the two sides agreed to establish both a trade council and an investment council, signaling a more formalized structure for managing commercial disputes and expanding cooperation.

Wang also said Beijing and Washington agreed to address mutual concerns over agricultural market access, an issue closely watched by U.S. farm groups and commodity markets amid expectations for expanded Chinese purchases of U.S. agricultural products.

The comments add to growing signals from U.S. Trade Representative Jamieson Greer and Trump administration officials that agriculture could become one of the earliest areas for tangible trade deliverables following the summit.

The framework appears to build on the so-called “Busan agreement” reached last fall, which included commitments tied to soybean purchases and tariff de-escalation. Markets are now watching for additional details on tariff rollbacks, commodity purchase targets, and the operational structure of the proposed trade and investment councils.