The White House has released lists of products that could benefit from lower tariffs under an arrangement with China. The deal affects $30 billion in goods in each direction. US President Donald Trump and his Chinese counterpart Xi Jinping concluded a summit on Friday, discussing matters including trade. The lists will be reviewed "with a view toward providing reduced tariff treatment to those goods in a reciprocal manner," according to the White House.
The US could reduce tariffs on 77 categories of Chinese goods, including fireworks, Christmas ornaments, household goods, and sports equipment. This move is part of an agreement on "recommendations" for more favourable tariff treatment for these "non-sensitive goods." The agreement was announced by the White House on Friday, following Xi's visit to Washington. Beijing confirmed the agreement on Saturday.
China's import list includes more than 1,600 categories of American goods. These goods include meats - beef, pork, poultry, and seafood - grains, dairy, whiskey, coal, and timber. The US and China will review the lists to provide reduced tariff treatment in a reciprocal manner. The trade deal is an effort to ease tensions between the two countries.
The White House announced that China agreed to import at least 10 million metric tons of coal from the US in 2027 and 2028. This is part of the agreement to provide more favourable tariff treatment for certain goods. The US and China have been engaged in a tit-for-tat trade fight, with tariffs soaring over 100 per cent at one point.
Xi and Trump agreed to a trade truce last year during a meeting in South Korea. The pact was originally due to expire in November, but both sides have agreed to extend it until January 10. US Treasury Secretary Scott Bessent confirmed the extension. The trade truce is an effort to ease tensions and promote trade between the two countries.
The trade deal between the US and China is seen as a positive step towards reducing trade tensions. The agreement to provide reduced tariff treatment for certain goods could benefit both countries. The US and China will continue to review the lists to ensure reciprocal treatment.
The US and China have taken steps to promote trade and reduce tensions. The agreement on reduced tariff treatment for certain goods is a significant step. The deal affects $30 billion in goods in each direction and could have a positive impact on trade between the two countries.
Key points
- The US and China have released lists of products that could benefit from lower tariffs under a trade deal affecting $30 billion in goods.
- The US could reduce tariffs on 77 categories of Chinese goods, including fireworks and household goods.
- China agreed to import at least 10 million metric tons of coal from the US in 2027 and 2028.
