US and China Cut Tariffs on $60B in Goods Amid Trade Truce Extension

China and the US have agreed to reduce tariffs on $60 billion worth of goods imported from each other. This includes US corn, cosmetics, Chinese household appliances, and toys.

The agreement was made under the US-China Board of Trade, with both countries recommending $30 billion in non-sensitive goods for more favorable tariff treatment.

According to US Trade Representative Jamieson Greer, this will 'unlock improved market access' for about 30% of US exports to China.