The US and China agreed to reduce tariffs on $60 billion in goods under a '30-for-30' framework, with each country listing $30 billion in products for lower tariffs. The agreement follows a trade truce extended by two months and is part of broader efforts to ease tensions between the world's largest economies.
The US list includes 77 Chinese products, while China's list includes 1,619 American goods. The agreement was negotiated through the US-China Board of Trade, established during President Trump's May visit to Beijing. Semiconductors, batteries, and electric vehicles are excluded from both lists, as are American whole soya beans.
The tariff reductions aim to improve market access for US exports and lower barriers on Chinese goods. The US Trade Representative said the cuts will benefit consumers with lower prices on household goods and toys. China said the reductions will take effect after domestic procedures are fulfilled, with 90% of products set for most-favoured-nation tariff levels.
The agreement focuses on non-sensitive trade, with agricultural products and other non-critical goods included. The deal does not resolve major disputes over export controls and Taiwan, and no timetable has been set for the reductions to take effect.