US and China to Cut Tariffs on Agricultural Goods by $30 Billion Each, Set Up Working Group
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The White House announced on the 25th that the United States and China have established a working group aimed at improving market access in the agricultural sector. Under the "Trade Committee" agreed to be newly created at the May summit, the two countries will each cut tariffs by $30 billion, or about 4.7 trillion yen, on items deemed less sensitive, including agricultural products. According to the summit fact sheet released that day, US exports covered include agricultural products, seafood, wood products, cosmetics, and medical devices, while goods from China include consumer items such as child car seats, small home appliances, and toys. Expanding US agricultural exports to China gives the Trump administration, facing midterm elections, a way to appeal to farmers in its support base.