China and US Agree to Cut Tariffs on $60 Billion Worth of Traded Goods

China and the US have agreed to reduce tariffs on $60 billion worth of goods traded between them, according to a statement from US Trade Representative Jamieson Greer. This move is seen as a positive development in the ongoing trade relations between the two countries.

The tariff cuts will apply to a range of products including US corn and wheat, as well as Chinese household appliances such as coffee makers and toasters.

Under the agreement, both countries have recommended $30 billion worth of non-sensitive goods for more favorable tariff treatment. This is expected to benefit about 30% of US exports to China.