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China and US agree to cut tariffs on $60B in mutual goods

Both sides recommended $30 billion each in non-sensitive goods for more favorable tariff treatment, including US corn and China cosmetics and household appliances.

Reported · Written up by our desk · Trade & Tariffs

China and the United States agreed to cut tariffs applied to $60 billion worth of goods each country imports from the other, covering a range of products that includes US corn and cosmetics, along with Chinese household appliances and toys, according to Insurance Journal.

Under the US-China Board of Trade, both sides recommended $30 billion of trade in non-sensitive goods for more favorable tariff treatment, and US Trade Representative Jamieson Greer said the US recommendation would improve market access for about 30% of US exports to China.

The tariff reduction also comes alongside an extension of a trade truce, a key takeaway from the second summit this year between Presidents Xi Jinping and Donald Trump, hosted in Washington last week.

One White House list indicated China would trim duties on US agricultural goods including corn, wheat, sorghum, meat, dairy, vegetable oils and meals, and it said the list did not include soybeans, while China also planned to reduce levies on US fish and seafood, logs and wood products, cosmetics and medical devices.

Latest closeWheat $704.00 ▼0.4%|Corn $528.75 ▲0.2%|Soybeans $1,320.00 ▲0.2%

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