China Says It Discussed Cutting Tariffs on $30 Billion of Goods With US, Resuming Beef Imports

No detailed discussions on rare earth controls

The US and China agreed to discuss broad tariff cuts and export controls on rare earths following last week's summit in Beijing.

China's Commerce Ministry said May 20 that the two sides held detailed talks on outcomes from finance ministers' negotiations held in South Korea on May 12-13 and the Beijing summit on May 13-15, reaching what it described as a positive common understanding. The core of the talks was a plan to discuss tariff cuts on $30 billion of goods from each country and study export controls on rare earths and other critical minerals.

The ministry said products agreed by both sides could be subject to most-favored-nation tariff rates or even lower duties. If implemented, the plan would help stabilize and expand bilateral trade while supporting global openness and cooperation. The two countries' economic and trade teams will remain in close communication, finalize a detailed plan and put it into effect as soon as possible.

The ministry offered no specific commitment on rare earths, saying only that it would study the issue with the US. It said China controls exports of rare earths and other critical minerals in accordance with laws and regulations and is reviewing license applications that comply with those rules and are intended for civilian use. China is willing to work with the US to create favorable conditions for safeguarding global supply chain security, the ministry added.

Under an agreement between Chinese President Xi Jinping and US President Donald Trump, Chinese airlines will buy 200 Boeing aircraft, according to the ministry. At the same time, the US will supply China with sufficient engines and parts.

The ministry also said it welcomes high-quality US agricultural products entering the Chinese market, while highlighting potential demand in the US for Chinese dairy products and some agricultural and fishery goods.

It also decided to restore the registration eligibility of US beef exporters, whose access to the Chinese market had been blocked for some time. The ministry said it had temporarily suspended approval of registrations for US companies because of risks including the spread of highly pathogenic avian influenza. It decided to reinstate the registrations after determining that measures taken by the US met China's requirements.

Kim Eun-jung, Beijing correspondent, kej@hankyung.com