The United States and China have agreed to reciprocal tariff reductions on $60 billion worth of goods, $30 billion from each side, under the new U.S.-China Board of Trade “30-for-30” framework.
U.S. Trade Representative Jamieson Greer said the move unlocks improved market access for roughly 30% of U.S. exports to China. The lists were approved following the recent Trump-Xi summit in Washington.
China will reduce duties on a range of U.S. agricultural products including corn, wheat, sorghum, meat, dairy, vegetable oils and meals (soybeans not included), plus fish and seafood, logs and wood products, cosmetics, and medical devices. In return, the U.S. will lower tariffs on Chinese small appliances such as coffee makers and toasters, tableware, blankets and bed linens, toys, fireworks, artificial flowers, Christmas tree lamps and other holiday decorations, and children’s car seats.
The two sides also extended their current trade truce by two months through January 10. China’s commerce ministry said the extension provides a more stable environment for businesses while both sides evaluate next steps. Additional outcomes from the summit include:
- An agriculture working group under the Board of Trade that will hold its first meeting before year-end.
- A Chinese commitment to import 10 million metric tons of U.S. coal annually in 2027 and 2028.
- A new communication channel on AI incidents, with follow-up talks by the end of November.
- China will examine and approve foreign financial services institutions, including those with American capital, to operate in China.
- Continued discussions on increasing direct flights between the two countries.
