US, China reach new tariff agreement

China and the United States have agreed to reduce
tariffs on $60 billion worth of goods imported from each other,
covering a wide range of products from US corn and cosmetics to
Chinese household appliances and toys.

Under the agreement, the two countries have
recommended more favorable tariff treatment for $30 billion worth
of non-sensitive goods traded by each side, US Trade Representative
Jamieson Greer said.

He noted that the move would improve access to the
Chinese market for around 30% of US exports to China.

According to Reuters, mutual tariff reductions and
the extension of the trade truce were among the key outcomes of
last week’s meeting between Chinese President Xi Jinping and US
President Donald Trump in Washington.

China plans to lower tariffs on a range of US
agricultural products, including corn, wheat, meat, dairy products,
vegetable oils and animal feed. Soybeans were not included on the
list. Beijing also plans to reduce duties on fish and seafood, wood
and timber, cosmetics and medical devices.

Washington, meanwhile, will cut tariffs on Chinese
small appliances, tableware, blankets and bedding. The lists also
include toys, fireworks, artificial flowers, Christmas tree lights
and other holiday decorations, as well as child car seats.

China’s Ministry of Commerce said on Monday that the
trade truce with the United States had been extended until January
10.

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