US, China Agree to Cut Tariffs on $60 Billion of Goods
Summary
- The US and China said they agreed to lower tariffs on goods worth a combined $60 billion.
- The two countries said they will each cut tariffs on $30 billion of non-sensitive goods imported from the other.
- About 90% of the affected items will see tariffs reduced to most-favored-nation levels, including US agricultural products, medical devices, Chinese small home appliances and toys.
Forecast Trend Report by Period
The US and China have agreed to lower tariffs on $60 billion of goods following a summit between US President Donald Trump and Chinese President Xi Jinping.
Cointelegraph reported on September 28, citing the Office of the United States Trade Representative and China’s Ministry of Commerce, that the two countries will each reduce tariffs on $30 billion of non-sensitive goods imported from the other.
Tariffs on about 90% of the affected items will be reduced to most-favored-nation levels. The products covered include US agricultural goods and medical devices, as well as Chinese small home appliances and toys.
The tariff cuts will take effect simultaneously after both countries complete their domestic legal procedures.
JH Kim
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