China and the United States have reached an agreement to reduce tariffs on $60 billion of goods imported from each other. The affected products include a variety such as US corn, cosmetics, Chinese household appliances, and toys.
China’s commerce ministry announced on Monday that a two-month extension of the trade truce with the United States, now lasting until January 10, will give both sides time to assess their current agreement and consider ways to move forward on economic and trade matters.
According to US Trade Representative Jamieson Greer, under the US-China Board of Trade, both nations have proposed $30 billion worth of non-sensitive goods for improved tariff treatment.
For the United States, that was “unlocking improved market access” for about 30% of US exports to China, Greer said.
The second summit this year between President Xi Jinping and US President Donald Trump, hosted in Washington last week, highlighted key outcomes such as a reciprocal tariff reduction and an extension of the trade truce.
A White House list indicated that China intended to reduce tariffs and opened a new tab on various US agricultural products, such as corn, wheat, sorghum, meat, dairy, vegetable oils, and meals. However, soybeans were not included.
China will also seek to reduce levies on US fish and seafood, logs and wood products, cosmetics, and medical devices.
The ministry stated that both sides will regularly discuss potential investment opportunities and obstacles, aiming to improve policy transparency and predictability, and to address enterprises’ concerns.
By CEO NA Editorial Staff
