U.S., China Agree to Reduce Tariffs by $30 Billion
On Monday, September 28, the United States and China released extensive lists of products that will see significant tariff cuts, from American hair products to Chinese toys, in a deal expected to boost bilateral trade and be worth about $30 billion. The details came days after Chinese President Xi Jinping met with President Trump in Washington D.C. late last week. The lists included 1,619 items of U.S. goods entering China, ranging from agricultural commodities, hair and personal care products to timber and medical equipment. Coal from the U.S. will also be included. For Chinese goods exported to the U.S., 77 categories were covered, including fireworks, tableware, toys like dolls and puzzles, glass and wooden Christmas ornaments and soccer balls. Tariff rates on over 90% of the products would be subject to “most-favored-nation” levels, the Chinese commerce ministry said, meaning that country-specific tariffs will effectively be eliminated. Business News Today – tEDmag
