China and the United States agreed to reduce tariffs imposed on $60 billion worth of goods imported from each other, on a variety of products ranging from American corn to cosmetics, and from Chinese appliances to toys. Under the US-China Trade Board, both countries have each recommended $30 billion in trade in non-sensitive goods for more favorable tariff treatment, US Trade Representative Jamieson Greer said in a statement on Sunday. exports to China, he said. Reciprocal tariff reductions, as well as an extension of a trade truce, were among the key takeaways from this year’s second summit between Chinese President Xi Jinping and President Donald Trump, held in Washington last week. One of two White House lists showed China planned to cut tariffs on a range of U.S. agricultural products, including corn, wheat, sorghum, meat, dairy, vegetable oils and flours. It did not include soy. Beijing will also look to reduce taxes on American fish and seafood, logs and wood products, cosmetics and medical devices. On another list were Washington’s reciprocal tariff cuts for small Chinese appliances such as coffee makers and toasters, tableware, blankets and bedding. The lists also included toys, fireworks, artificial flowers, Christmas tree lights and other Christmas decorations, and children’s car seats. On Monday, a two-month extension of a trade truce with the United States until Jan. 10 would provide room for both sides to evaluate their current agreement to resolve economic and trade issues, while also considering how to move forward on those fronts. The extension also provides a “relatively stable and predictable political environment” for business-to-business cooperation and continued active discussions.
