The Chinese and US economic and trade teams have achieved preliminary outcomes in the economic and trade field, including agreeing to establish a Trade Council and an Investment Council to discuss each side's respective concerns in the areas of trade and investment. The two sides will discuss issues including tariff reductions on relevant products through the Trade Council, and agreed in principle to reduce tariffs on products of equal scale that concern each side, a spokesperson for China's Ministry of Commerce said on Saturday, when briefing the media on China-US economic and trade consultations held in South Korea on May 13. MOFCOM noted that the two sides also agreed to promote the expansion of two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on products within a certain scope. The two sides reached relevant arrangements regarding China's procurement of aircraft from the US, as well as the US side ensuring the supply of aircraft engines and components to China, and agreed to continue advancing cooperation in related fields, the spokesperson said.