The US and China have reached agreements on setting up two new institutions – a 'board of trade' and a 'board of investment' – to manage their economic ties, with China committing to purchase at least $17 billion per year of US agricultural products and an initial purchase of 200 American-made Boeing aircraft. These moves come after a fractious year and are aimed at avoiding trade volatility and increasing cooperation.
Beijing/Hong Kong — When the wheels of Air Force One lifted up from Beijing on Friday, US President Trump was wrapping a three-day visit with many questions still outstanding about what exactly he and Chinese leader Xi Jinping had agreed to.
Over the weekend, statements from both sides have started to demystify the outcomes of a meeting that was largely about resetting the tone between the world’s top economies after a fractious year that drove both to the edge of decoupling. Now, the US and China are poised to set up two new institutions – a ‘board of trade’ and a ‘board of investment’ – to manage those economic ties, statements from the White House and China’s Ministry of Commerce confirmed Sunday.
The White House also said that China would purchase at least $17 billion per year of US agricultural products and make an initial purchase of 200 American-made Boeing aircraft. Beijing’s readout did not directly confirm those deals, saying instead that both sides would ‘promote expanded two-way trade’ in agricultural goods and had made arrangements on China procuring American planes. Both announcements are short on specifics and fall short of a major breakthrough in rebalancing trade.
But they bolster signals set out by both Trump and Xi during their summit that they want to avoid volatility and increase cooperation – setting their countries’ rivalry on more predictable ground
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