China, US agree tariff cuts on US$60bil of goods including agriculture, household items
BEIJING: China and the United States have agreed to cut tariffs imposed on US$60 billion worth of goods imported from each other, on an array of products ranging from US corn to cosmetics, and from Chinese household appliances to toys.
China and the United States have reached an agreement to cut tariffs on US$60 billion worth of goods traded between the two nations, according to a statement from the US Trade Representative Jamieson Greer. The tariff reduction will affect approximately 30% of US exports to China, providing improved market access. The tariff cuts include agricultural products such as corn, wheat, sorghum, meat, dairy, vegetable oils, and meals.
However, soybeans are not included in the list of products to be reduced. China will also reduce tariffs on US fish and seafood, logs and wood products, cosmetics, and medical devices. In return, the US has agreed to reduce tariffs on Chinese small appliances, toys, fireworks, artificial flowers, Christmas tree lamps, and car seats.
A two-month extension of the trade truce between China and the US, set to last until January 10, will give both countries time to evaluate their ongoing arrangement and work towards resolving economic and trade issues.
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