U.S. and China Recommend Tariff Cuts on $60B in Goods
U.S. and China agree on tariff reductions for $60B in products following Xi’s visit to Washington.
2 min read
Following Chinese President Xi Jinping’s three-day visit to Washington, D.C., the United States and China have recommended tariff cuts on $60 billion worth of products, marking a potential shift in their trade relationship. The agreement, announced by the White House, involves the newly formed U.S.-China Board of Trade, which proposed reductions for a comparable list of products for each country, totaling $30 billion in exports for both nations.
Trade Reductions and Product Categories
According to a White House press release, the proposed tariff cuts aim to benefit non-sensitive goods, with the U.S. and China agreeing to reduce tariffs on a range of products. For Chinese imports into the U.S., items such as fireworks, curtains, household scales, skeet targets, fish hooks, and other household goods are included. American exports to China, which account for about 30% of total U.S. exports to the East Asian nation, include livestock, seafood, dairy products, vegetables, and more.
White House Statement and Future Meetings
Jamieson Greer, the U.S. trade representative, stated that the agreement would improve market access for U.S. exports and benefit consumers with imports from China. The White House also noted that the tariff reductions will be implemented after both countries complete the relevant domestic procedures. The announcement follows the visit of President Xi and his wife, Madam Peng Liyuan, to Washington, D.C., which President Donald Trump described as a ‘meeting of Friendship, Strength, and Success.’
Continued Trade Focus and Future Plans
Greer emphasized that the Trump Administration will continue to work on the commerce relationship with China, aiming for balanced trade. The administration plans to ensure compliance with commitments on agricultural and energy purchases, pursue trade in non-sensitive goods, and secure market access for American farmers, manufacturers, businesses, and workers. The leaders are set to meet again in China and the U.S. in November and December, respectively.
The agreement reflects a step toward resolving long-standing trade tensions between the two nations, though the full impact of the tariff cuts will depend on the implementation process and future negotiations.
Source: OANN
