US-China Tariff Cuts to Boost Trade on $60 Billion Worth of Goods

After last week's meeting in Washington between US President Donald Trump and Chinese President Xi Jinping, both countries have agreed to cut tariffs on approximately $60 billion worth of goods traded between them.

The cuts cover American farm products such as corn, wheat, sorghum, meat, dairy products, seafood, timber, cosmetics, and medical devices, which are expected to move to most-favoured-nation tariff rates. This accounts for about 90% of the products covered under the new bilateral Board of Trade.

China's proposed cuts focus on US exports including corn, wheat, sorghum, meat, dairy products, seafood, timber, cosmetics, and medical devices, with Beijing making a separate commitment to buy 25 million metric tons of American soybeans annually through 2028.