U.S. and China to Cut Tariffs on $60 Billion of Goods
The cuts will bring relief to a wide range of goods, from billiard balls to dolphins, although experts caution it’s not a major breakthrough in trade relations.
The United States and China have reached an agreement to cut tariffs on $60 billion worth of goods, ranging from U.S. coal to Chinese toys. This "30-for-30" framework covers approximately $30 billion of each country's exports. The U.S.-China Board of Trade, established during President Donald Trump's visit, recommended more favorable tariff treatment for "non-sensitive" products.
The proposed tariff cuts would benefit various goods, including live horses, camels, and fishing tackle. The White House has not yet disclosed the exact reduction size or implementation timeline, though the Chinese Commerce Ministry stated that tariffs on around 90% of the products would return to "most favored nation" levels. The agreement aims to stabilize U.S.-China trade relations and create a favorable environment for Chinese exports to the U.S. Following a recent meeting between Chinese President Xi Jinping and Trump, the two nations extended a trade truce until January 10.
This move comes days after the Supreme Court overturned Trump's emergency tariffs and as the U.S. trade deficit with China has decreased by 40% since Trump's administration took office.
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