China and the United States "reached a consensus" on "important economic and trade issues" after a meeting between leader Xi Jinping and US President Donald Trump, according to a statement from the Chinese Ministry of Foreign Affairs, writes UNN with reference to CNN.
Beijing's first statement
The first statement released by China after the talks contained no details about the agreement.
"Both teams should refine and complete follow-up work as soon as possible, maintain and implement the consensus, and achieve tangible results to reassure both China and the US, as well as the global economy," Xi said, according to the statement.
The Chinese leader also pointed to recent "twists and turns" in the countries' bilateral relations, saying they offer lessons for both sides, urging the US to "focus on the long-term benefits of cooperation rather than falling into a vicious cycle of retaliation," echoing recent Chinese statements.
"Both teams can continue negotiations in a spirit of equality, mutual respect and reciprocity, narrowing the list of disputes and expanding the list of cooperation," he said.
Xi also took the opportunity to note the "strong" performance of China's economy, which achieved 5.2% growth in the first three quarters of the year compared to the same period last year. "These achievements were hard-won despite internal and external challenges," he said, sending a clear message to his counterpart. "We have the confidence and ability to cope with all kinds of risks and challenges."
The statement added that Trump looks forward to visiting China early next year and has invited Xi to visit the United States. After the meeting, Trump said he would visit Beijing in April.
TikTok
In parallel, China's Ministry of Commerce released details about trade talks between Washington and Beijing in Kuala Lumpur, Malaysia over the weekend, including on TikTok.
"The American side has made positive commitments in areas such as investment, and the Chinese side will properly address issues related to TikTok," the ministry said, according to state media.
It remains unclear whether Trump and Xi reached an agreement to keep TikTok operating in the United States.
The hugely popular short-video app has been a key factor in broader trade negotiations between the world's two largest economies this year. Under a US law signed last year by former US President Joe Biden, TikTok's China-based owner, ByteDance, must divest its US assets due to national security concerns.
Following the trade talks in Malaysia, US Treasury Secretary Scott Bessent said that both sides had reached a "final agreement on TikTok."
"As of today, all the details have been agreed upon, and the two leaders will have to finalize this agreement," Bessent said on CBS on Sunday.
Tariffs
China's Ministry of Commerce also said the country would make "appropriate adjustments" after the US lowered tariffs on Chinese goods on Thursday.
US President Donald Trump said that overall tariffs on Chinese goods would decrease from 57% to 47% after the parties made progress on soybean, rare earth, and fentanyl imports during a meeting with Chinese leader Xi Jinping. The 10% reduction was linked to China taking "decisive action" on fentanyl.
"The Chinese side will make appropriate adjustments to its countermeasures against these US tariffs," the Chinese Ministry of Commerce said in a statement. "Both sides also agreed to further continue certain tariff exclusion measures."
Rare earths
China's Ministry of Commerce also confirmed that Beijing will suspend its latest export control measures on rare earth elements, as well as special port fees targeting American vessels, following the meeting between US President Donald Trump and Chinese leader Xi Jinping.
Beijing sharply tightened its export restrictions on rare earth elements earlier this month, after Washington expanded its export control entity list to include subsidiaries 50% or more owned by firms already subject to restrictions.
A ministry spokesperson said the US agreed to suspend its new rules targeting subsidiaries for a year, and in return, China would suspend its new restrictions on critical mineral exports for the same period.
The US will also suspend its special port fees targeting Chinese vessels docking in American ports for a year, the spokesperson said. China will also follow suit by suspending its countermeasures imposed against American vessels for a year.