China and the United States have agreed to establish trade and investment councils, roll back tariffs, and expand agricultural and aircraft trade following a summit in Beijing between President Xi Jinping and US President Donald Trump, reported Hong Kong's South China Morning Post.

China's Ministry of Commerce stated that the councils would serve as forums to discuss tariff reductions on specific products. Both sides pledged reciprocal cuts, and progress was made on farm goods and aircraft.

The two countries agreed to reduce non-tariff barriers on items such as Chinese seafood and dairy, as well as American beef and poultry. They also confirmed arrangements for China's purchase of US aircraft and Washington's guarantee of jet engine supplies.

Mr. Trump mentioned that China had committed to buy at least 200 Boeing aircraft, with potential orders rising to 750 if conditions are met. He added that China would also purchase up to 450 General Electric engines, ending a near decade-long drought in orders.

The summit marked the first visit by a US president to China in almost nine years, following a tariff war that saw triple-digit duties and export controls on semiconductors and rare earths.

President Xi emphasized that the essence of China-US trade relations was mutual benefit and win-win outcomes, stressing that equal consultation is the only correct choice. Mr. Trump described the agreements as 'fantastic trade deals, great for both countries.'