Following a summit, China and the US have agreed to create trade and investment councils, intending to reciprocally reduce tariffs on specific products. Progress was also made in agricultural and aircraft trade.

China and the United States have agreed to establish trade and investment councils, committing in principle to match each other’s tariff cuts on a reciprocal basis. “The two sides will use the Trade Council as a forum to discuss issues such as tariff reductions on specific products,” China’s Ministry of Commerce said in a statement on Saturday, without providing further details. The world’s two largest economies also made progress on agricultural trade and aircraft, the statement added. The two....