Washington will guarantee Beijing a sufficient supply of engines and spare parts under the deal, the ministry said in a statement providing details on the preliminary outcomes of recent China-US economic and trade consultations.
On tariffs, the Ministry of Commerce said the two countries have agreed in principle to discuss a reciprocal tariff reduction framework arrangement on products of equivalent scale worth US$30 billion or more on each side.
The products of respective concern as agreed by both sides are expected to enjoy most-favoured-nation tariff rates or even lower rates, a ministry official said.
Beijing also called for an extension to their tariff truce.
China and the US reached an agreement in Kuala Lumpur last year that extended their truce for a year.
On the supply of rare earths, “both sides will work together to study and resolve each other’s legitimate and lawful concerns,” the Commerce Ministry statement said.
“China is willing to work with the United States to jointly create favourable conditions for promoting mutually beneficial cooperation between enterprises of the two countries and ensuring the security and stable operation of global industrial and supply chains,” an official added. (Xinhua & agencies)
