Beijing agrees to U.S. tariff cuts; new U.S.-China trade council to monitor follow-through

President Donald Trump’s administration and China released separate accounts over the weekend of trade commitments made after Trump’s May 14-16 visit to Beijing, offering overlapping but not identical details on what each side secured. The White House said China agreed to buy at least $17 billion a year of U.S. agricultural products in 2026, 2027 and 2028, restore access for U.S. beef and poultry and address U.S. concerns over rare earth supply shortages. (whitehouse.gov) China’s Commerce Ministry said the two sides agreed to expand agricultural trade through tariff reductions and to address non-tariff barriers and market-access issues, describing the arrangements as preliminary and subject to finalization. Both sides also pointed to new institutions or mechanisms to keep trade talks going. (english.gov.cn) ### What, exactly, did Washington say China agreed to buy? The White House said on May 17 that China will purchase at least $17 billion per year of U.S. agricultural products in 2026 on a prorated basis, and again in 2027 and 2028. The fact sheet said those purchases would come in addition to soybean commitments China made in October 2025. U.S. officials also said Beijing restored market access for American beef by renewing expired listings for more than 400 U.S. beef facilities and adding new ones. The White House said China would work with U.S. regulators to lift all suspensions of U.S. beef facilities. (whitehouse.gov) CNBC, citing the White House account, reported that the U.S. readout also referred to Chinese action on rare earths and other critical minerals, including yttrium, scandium, neodymium and indium. China’s public statement did not mention those materials. ### What did Beijing emphasize instead? China’s Commerce Ministry said on May 16 that the two countries agreed to expand agricultural trade through tariff reductions and to work on non-tariff barriers and market access. (whitehouse.gov) The ministry did not specify products covered by the tariff changes, and it said the agreements were preliminary and would be finalized as soon as possible. Reuters, in the CNBC report, said Chinese farm imports from the United States still face an additional 10% levy after last year’s tariff exchanges. (whitehouse.gov) The same report said China had resumed purchases of some U.S. farm goods after an October meeting and had also bought some U.S. wheat cargoes and large volumes of sorghum. Beijing also highlighted administrative steps on beef access. Reuters reported that China on Friday granted five-year registration extensions to 425 U.S. beef plants and approved new five-year registrations for 77 additional U.S. facilities. ### Are the tariff cuts new, or part of an earlier truce? A joint U.S.-China statement released in Geneva on May 12, 2025, said both sides had already agreed to suspend 24 percentage points of additional tariffs for an initial 90 days while retaining a remaining 10% rate. (cnbc.com) That statement also said both governments would establish a mechanism to continue discussions on economic and trade relations. The latest Chinese account points to further tariff reductions tied to agricultural trade, but the public readout reviewed here does not identify the exact product lines or legal instruments involved. (cnbc.com) The White House fact sheet, by contrast, focused on purchases, market access and rare earths rather than listing tariff schedules. ### What is the new trade council or board supposed to do? The White House said Trump and Xi chartered two new bodies: a U.S.-China Board of Trade and a U.S.-China Board of Investment. The White House said the trade board would allow the two governments to manage bilateral trade across non-sensitive goods, while the investment board would provide a government-to-government forum on investment issues. (english.gov.cn) CNBC reported that both the U.S. and Chinese readouts referred to boards of trade and investment to facilitate bilateral discussions. That structure appears to sit alongside the earlier Geneva mechanism that named Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer as the officials leading continued talks. (whitehouse.gov) ### Why do the two sides sound like they are describing different deals? The White House account led with farm purchases, beef access, Boeing aircraft and rare earths. China’s account led with tariff reductions, agricultural trade expansion and progress on non-tariff barriers. Those differences are visible in the published documents rather than in any joint text released so far. (whitehouse.gov) As of May 18, the materials reviewed here show no single detailed joint agreement spelling out product-by-product tariff cuts, purchase volumes beyond the White House’s farm figure, or a timetable for the new boards to begin work. (cnbc.com) President Trump and President Xi have also agreed to meet in the United States in September, CNBC reported, citing the summit readouts. Before that visit, the clearest named follow-through remains the trade mechanism tied to He Lifeng, Scott Bessent and Jamieson Greer, plus the new trade and investment boards described by the White House. (cnbc.com) (whitehouse.gov)