China, US agree tariff cuts on $60 billion of goods, including agriculture and household items
SPY•China and the United States agreed to cut tariffs on $60 billion worth of goods imported from each other, with proposed cuts covering products including US agricultural goods other than soybeans and Chinese household items. The deal also includes a two-month extension of their trade truce through January 10.
1. Tariff cuts cover goods
The two countries each recommended $30 billion in non-sensitive trade for more favorable tariff treatment, US Trade Representative Jamieson Greer said. China plans to reduce duties on US corn, wheat, sorghum, meat, dairy, vegetable oils and meals, among other goods, but soybeans were not on its list. US tariff cuts cover Chinese small appliances, tableware, linens, toys and other products.
2. Truce and other agreements
China's commerce ministry said the two-month extension of the trade truce through January 10 would give both sides room to evaluate their arrangement and provide a relatively stable and predictable policy environment for companies. The summit also produced an agreement for China to import 10 million metric tons of US coal annually in 2027 and 2028. The countries will establish an agriculture working group and continue discussions on investment, financial services, artificial intelligence and direct flights.
