The world’s two top economies spent much of 2025 embroiled in an escalating trade war, until the two leaders reached a one-year truce when they met in South Korea in October.

As a result of their summit last week, a trade council has been set up, under the auspices of which “both sides agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent scale”, the ministry said Wednesday.

The intended tariff cuts will affect goods worth “US$30 billion or more on each side”, the online statement, attributed to an unnamed commerce ministry official, said.

China hopes “the US side will honour 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 tensions with Washington.

Confirming another outcome of the Xi-Trump summit, the ministry said China will purchase 200 aircraft from US aerospace giant Boeing, though it did not specify which model or models.

US media had reported for several months that Beijing was poised to make a major order from Boeing that would include 500 single-aisle 737 MAXs and about 100 larger 787 Dreamliners and 777s.

On the supply of rare earths – the critical field dominated by China and the target of biting export restrictions implemented last year – the statement was scant in detail.

“Both sides will work together to study and resolve each other’s legitimate and lawful concerns,” it said.