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Stephan Ossenkopp, a senior fellow of Schiller Institute in Germany, a think tank, said Xi's speech impressed him with China's emphasis on people-centric development.

The Chinese delegation was led by Xi's special envoy and Vice Premier Liu He, and the U.S. officials included Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer, according to the statement.

BEIJING, June 17 (Xinhua) -- Hours after the U.S. administration fired the first shot on Friday, China announced additional tariffs on U.S. goods that are of the same scale and intensity and due to take effect on the same date.

South Korea hopes to maintain high-level exchanges with China on the situation of the Korean Peninsula as well as other major international issues, said Moon.

The tariff cut is aimed at increasing competition in the industry to improve its quality and efficiency, and bring car prices down.