Azernews.Az

Ulviyya Poladova

Read more

China and the United States have agreed to reduce tariffs on $60 billion worth of goods imported from each other, covering a wide range of products from US corn and cosmetics to Chinese household appliances and toys.

Under the agreement, the two countries have recommended more favorable tariff treatment for $30 billion worth of non-sensitive goods traded by each side, US Trade Representative Jamieson Greer said.

He noted that the move would improve access to the Chinese market for around 30% of US exports to China.

According to Reuters, mutual tariff reductions and the extension of the trade truce were among the key outcomes of last week’s meeting between Chinese President Xi Jinping and US President Donald Trump in Washington.

China plans to lower tariffs on a range of US agricultural products, including corn, wheat, meat, dairy products, vegetable oils and animal feed. Soybeans were not included on the list. Beijing also plans to reduce duties on fish and seafood, wood and timber, cosmetics and medical devices.

Washington, meanwhile, will cut tariffs on Chinese small appliances, tableware, blankets and bedding. The lists also include toys, fireworks, artificial flowers, Christmas tree lights and other holiday decorations, as well as child car seats.

China’s Ministry of Commerce said on Monday that the trade truce with the United States had been extended until January 10.