China and the United States have agreed to reduce tariffs imposed on $60 billion of goods imported from each other, on a range of products from American corn to cosmetics, Chinese appliances and toys.
As part of the U.S.-China Business Council, the two countries each recommended more favorable tariff treatment on $30 billion in trade in non-sensitive goods, U.S. Trade Representative Jamieson Greer said in a statement Sunday.
For the United States, this “unlocks greater market access” for about 30% of its exports to China, he said.
The reciprocal reduction of customs duties as well as the extension of the trade truce were among the main lessons of this year’s second summit between Chinese President Xi Jinping and President Donald Trump, held in Washington last week.
One of two White House lists showed that China planned to cut tariffs on a variety of U.S. agricultural products, including corn, wheat, sorghum, meat, dairy, vegetable oils and flours. This did not include soy.
Beijing will also seek to reduce taxes on American fish and seafood, logs and wood products, cosmetics and medical devices.
Another list included Washington’s reciprocal tariff reductions on small Chinese appliances such as coffee makers and toasters, dishes, blankets and bed linens.
The listings also included toys, fireworks, artificial flowers, Christmas tree lights and other Christmas decorations, and children’s car seats.
Longer trade truce
China’s Commerce Ministry said Monday that a two-month extension of the trade truce with the United States until Jan. 10 would allow both sides to evaluate their ongoing arrangements to resolve economic and trade issues, while considering ways to move forward on those fronts.
The extension also provides a “relatively stable and predictable political environment” for business cooperation and continued active discussions.
Gn usa
