Foreign Affairs: According to a Reuters report on September 28, China and the United States have reached an agreement to reduce tariffs on $60 billion worth of each other’s imports on a range of products, from corn to American cosmetics and from household appliances to Chinese toys.
U.S. Trade Representative Jamieson Greer said in a statement on Sunday that under the coordination of the U.S.-China Trade Council, the two countries have proposed to list $30 billion worth of non-sensitive goods each for additional tariff relief. He said that for the United States, this is “better market access” for about 30% of its exports to China.
The reciprocal tariff reductions, along with an extension of the trade war suspension, were a major outcome of the second summit this year between Chinese President Xi Jinping and US President Donald Trump, held in Washington last week.
According to one of two lists from the White House, China will reduce tariffs on a range of US agricultural products, including corn, wheat, meat, dairy products, vegetable oils and animal feed, but not soybeans. In addition, Beijing will also consider reducing tariffs on U.S. fish and seafood, wood and wood products, cosmetics and medical equipment.
The United States will reduce tariffs on Chinese small appliances such as coffee makers, toasters, glassware, blankets and bed sheets, as well as toys, fireworks, artificial flowers, Christmas lights, holiday decorations and child safety seats.
Meanwhile, China’s Ministry of Commerce said on Monday that the two-month extension of the trade dispute suspension until Jan. 10 would provide sufficient time for both sides to assess their preparations to resolve economic and trade issues.
The extension also provides a stable policy environment. For cooperation between companies and to encourage further active discussions.
Translated by: Kiri
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