U.S. and China to Cut Tariffs on $30 Billion of Goods Each
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The U.S. and China are planning to reduce tariffs on $30 billion worth of goods from each country, according to government announcements from both sides Monday. The detailed lists include mostly imports of toys, sports equipment and Christmas decorations by the U.S., while American agricultural products accounted for much of the far longer list of imports by China, which covers 1,619 items against 77 on the U.S. side. Washington has sought to reduce its record trade deficit with Beijing, as the Asian country exports far more to the U.S. than it imports, with the U.S. goods trade deficit with China at more than $202 billion last year. It was not immediately clear when lower tariffs would take effect or by how much the duties would go down, after the U.S. and China last year slapped import tariffs effectively of over 40% and more than 30%, respectively, on each other. The announcement followed U.S. President Donald Trump's summit with Chinese President Xi Jinping in Washington, D.C., last week, and U.S. Treasury Secretary Scott Bessent said last week that negotiators agreed to extend a one-year truce to January.