China and the United States have agreed to reduce tariffs on goods they trade with each other, totaling about $60 billion. This was reported by Qazaqyia.kz citing Kursiv Media.
According to Reuters, the lists include American food products and Chinese household goods. The new rates will take effect after both countries complete the necessary domestic procedures.
Each country will cut import tariffs by approximately $30 billion. According to China's Ministry of Commerce, more than 90% of goods from the agreed lists will be exempt from additional mutual tariffs. However, the ministry has not yet announced the date when the new rates will come into force.
China plans to lower tariffs on American corn, wheat, sorghum, meat, dairy products, fish and seafood. The list also includes timber, cosmetics and medical products. Soybeans, one of the key American exports to China, were not included in the list.
The US, in turn, proposes to reduce tariffs on Chinese coffee makers, toasters, dishes, blankets, bedding and toys. The list includes children's car seats and holiday decorations.
The tariff agreement was one of the results of the meeting between Chinese President Xi Jinping and US President Donald Trump in Washington. The parties also extended the trade truce for two months — until January 10, 2027. It provides for the suspension of some tariff and other trade measures.
China's Ministry of Commerce believes that extending the agreement will give the countries time to assess the agreements already reached and continue negotiations. For companies, it will create "relatively stable and predictable conditions," the ministry noted.
The US also reported that China will purchase at least 10 million tons of American coal annually in 2027 and 2028. Before the end of 2026, the countries intend to hold the first meeting of the working group on agricultural trade.