Play store
The United States and China have agreed on a reciprocal tariff-reduction arrangement covering about $30 billion worth of non-sensitive goods from each country, as the two sides seek to ease trade tensions.
The agreement was reached during Chinese President Xi Jinping’s visit to Washington and was included in an eight-point consensus between Beijing and Washington, according to Chinese state media and a White House fact sheet.
Under the arrangement, the two countries will recommend more favourable tariff treatment for selected goods worth around $30 billion in each direction.
US exports covered by the framework include agricultural products, fish and seafood, logs and wood products, cosmetics and medical devices. Chinese goods include consumer products such as small appliances, toys, holiday decorations and children’s car seats.
The move builds on an agreement reached earlier this year to establish a US-China Board of Trade to identify products eligible for lower or zero tariffs.
China’s commerce ministry had previously said the framework would cover products worth $30 billion or more on each side.
The two countries have also agreed to establish a working group on agricultural market access and launched a Board of Investment to discuss investment opportunities and barriers.
The latest agreement comes amid efforts by Washington and Beijing to stabilise relations after years of trade tensions and successive rounds of tariffs.
The two sides are also continuing discussions on energy, agriculture, rare earths and other economic issues.
Photo: AFP
