The United States and China released Monday reciprocal lists of products worth about $30 billion each that will see tariff cuts, in a deal expected to boost bilateral trade.
The details came days after Chinese President Xi Jinping met with President Donald Trump in Washington in his first state visit to the US since 2015. The US had already reduced tariffs against China after Trump’s tariffs reached as high as 145 per cent at one point last year, as tensions between the two countries eased.
China’s commerce ministry said in a statement the agreement will help strengthen trade co-operation.
The lists included 1,619 items of US goods entering China, ranging from agricultural commodities, personal care products to timber and medical equipment. Coal from the US will also be included.
For Chinese goods exported to the US, 77 categories were covered, including fireworks, tableware, glass and wooden Christmas ornaments and soccer balls.
Tariff rates on over 90 per cent of the products would be subject to “most-favoured-nation” levels, the Chinese commerce ministry said, meaning that country-specific tariffs will effectively be eliminated.
US Trade Representative Jamieson Greer said in a separate statement the product lists focused on “nonsensitive goods on each side that could benefit from more favorable tariff treatment.” The deal could help secure market access for US farmers, manufacturers, businesses and workers, while benefiting American consumers with imports from China including household goods and toys, Greer said.
Both countries said they agreed the list may be adjusted later as needed, but amendments were likely to be no more than on an annual basis.
The Chinese commerce ministry said the two countries agreed to further co-operate in the agricultural sector, forming a group under the Board of Trade established in May to optimise bilateral trade.
