US, China agree to cut tariffs on $60 billion worth of goods

The United States and China have agreed to reduce tariffs on $60 billion worth of goods as both countries seek to stabilise trade relations following talks between Presidents Donald Trump and Xi Jinping.

Under a “30-for-30” framework, each country can import $30 billion worth of “non-sensitive” goods from the other at reduced tariff rates, CNN reported.

China’s list covers 1,619 US products, including corn, wheat, frozen meat, seafood, cosmetics and medical devices, although soybeans were excluded.

The US list includes 77 Chinese products, including toys, tableware, curtains, electric shavers and inflatable balls.

China also committed to importing at least 10 million metric tons of US coal in both 2027 and 2028.

Both countries also established a bilateral channel to discuss artificial intelligence-related incidents and risks.