The United States and China have agreed to slash tariffs on $60 billion worth of goods, deepening efforts to stabilize a frequently testy relationship.
The tariff relief extends to an array of products, from US coal and agricultural products to made-in-China toys, car seats and holiday decorations.
The announcement from the White House late Sunday followed a highly anticipated meeting between US President Donald Trump and Chinese leader Xi Jinping in Washington last week.
The White House said that under a so-called “30-for-30” framework, each country would be allowed to import “non-sensitive” goods worth $30 billion from the other at reduced tariff rates.
The more favorable tariff treatment followed recommendations from the US-China Board of Trade and would improve market access for about 30% of US exports to China, US trade representative Jamieson Greer said in a statement Sunday.
“The Trump Administration will continue to pursue fair, balanced, and reciprocal trade with China by ensuring compliance with commitments on agricultural and energy purchases, pursuing balanced trade in non-sensitive goods, and securing market access for American farmers, manufacturers, businesses, and workers,” he added.
The Chinese list of US products that will be subject to lower tariffs covers 1,619 items, including corn, wheat, frozen meat, seafood, wood products, cosmetics and medical devices.
Credit: cnn.com
