China and U.S. agree to tariff cuts on $60 billion of goods including agriculture, toys

China and the United States have agreed to cut tariffs imposed on $60 billion worth of goods imported from each other, on an array of products ranging from U.S. corn to cosmetics, and from Chinese household appliances to toys.

Under the U.S.-China Board of Trade, both countries have each recommended $30 billion of trade in non-sensitive goods for more favourable tariff treatment, United States Trade Representative Jamieson Greer said in a statement on Sunday.

For the United States, that was “unlocking improved market access” for about 30% of U.S. exports to China, he said.

The reciprocal tariff reduction as well as an extension of a trade truce were among the key takeaways from the second summit this year between Chinese President Xi Jinping and President Donald Trump, hosted in Washington last week.

One of two lists from the White House showed that China planned to trim duties on a variety of US agricultural goods including corn, wheat, sorghum, meat, dairy, vegetable oils and meals. It did not include soybeans.

Beijing will also look to reduce levies on American fish and seafood, logs and wood products, cosmetics and medical devices.

In another list were Washington’s reciprocal tariff cuts for Chinese small…

Original source: https://www.nbcnews.com/business