China and US Agree Tariff Cuts on $60 Billion of Goods After Xi-Trump Summit

Beijing and Washington will lower tariffs on $60 billion of each other’s goods, from American corn to Chinese toys, and extend their trade truce by two months.

US-China Tariff Cuts: What Products Are Covered

Under the US-China Board of Trade, each side recommended $30 billion of non-sensitive goods for better tariff treatment, US Trade Representative Jamieson Greer said on Sunday. China plans to trim duties on US corn, wheat, sorghum, meat, dairy, vegetable oils, seafood, logs, cosmetics and medical devices, but not soybeans. The US will cut duties on Chinese small appliances, tableware, bed linens, toys, fireworks and holiday decorations. Greer said the move opens market access for about 30% of US exports to China.

Trade Truce Extended Through January 10

China’s commerce ministry said the extension gives both sides room to review their arrangement and offers companies a more stable, predictable policy climate. Regular talks on investment barriers will follow.

US Coal, Agriculture and AI Agreements

China will import 10 million metric tons of US coal a year in 2027 and 2028, about 2% of its annual coal imports. An agriculture working group will meet before year-end. The two countries also agreed on an AI incident communication channel, with a follow-up dialogue due by the end of November. China will review foreign financial firms, including those with US capital, seeking to open branches. Talks on more direct flights will continue.

Chinese Stocks Fall After Summit

The CSI300 slid more than 2% to a one-year low on Monday, as tech shares dropped on a US push to ban Chinese components from data centers.