US-China agrees on setting up working mechanism for bilateral trade

China and the United States have managed to reach some agreements over their bilateral trade after the culmination of the third California-China Business Summit on Friday.

As reported by China's state-owned Xinhua News Agency the two countries have agreed to set up a working mechanism to ensure steady communication.

On the sidelines of the Business summit, China's Vice Premier Liu He held a bilateral talk with United States Treasury Secretary Steven Mnuchin. They discussed common concerns regarding economic and trade issues.

They agreed on resolving economic and trade issues through dialogue and deliberation.

They further discussed the issue of increasing US trade exports to China, bilateral trade service, two-way investment, protection of intellectual property rights and imbalanced tariff rates.

Both the US and China recognised the need for hard work to continue their bilateral relations.

They also agreed on building up a corresponding work mechanism to ensure solving the trade disputes.

The business summit was co-organised by Los-Angeles-based China Week and Milken Institute.

Earlier in the day United States President Donald Trump took to his Twitter account to announce the return of the US delegation from China as he said that the outcome of the trade summit would prove difficult for China.

"Our high-level delegation is on the way back from China where they had long meetings with Chinese leaders and business representatives. We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with U.S. trade wins!", Trump tweeted.

The US delegation was being led by Steven Mnuchin while China was represented by Liu He. The summit culminated on May 4.