Beijing and Washington move toward mutual tariff cuts and new trade councils

China said it reached a preliminary agreement with the United States to reduce some tariffs through mutual reductions and to establish a trade council and an investment council, aiming to expand two-way trade including agricultural products and to address non-tariff barriers. The deal also covers aviation, with U.S. aircraft and engine supply arrangements. Trump said tariffs were not discussed during his Beijing visit, and both sides signaled further talks and upcoming meetings.