China, US pledge tariff cuts on $60 billion of goods including agriculture, toys, toasters
SPY•China and the United States said they would pursue tariff cuts on $60 billion worth of goods imported from each other, with each proposing $30 billion in non-sensitive trade for more favorable treatment. Neither side specified the cuts’ extent or implementation timing.
1. Proposed tariff cuts
The countries proposed tariff cuts covering goods including US agricultural products and Chinese toys and household appliances. China’s list included corn, wheat, meat, dairy and other products, but excluded non-seed soybeans; the US list included Chinese toys, small appliances, tableware and linens.
2. Truce and other agreements
China said a two-month extension of the trade truce through January 10 would provide a relatively stable and predictable policy environment. The countries also agreed to establish an agriculture working group, and China agreed to import 10 million metric tons of US coal annually in 2027 and 2028.
