The United States and China have agreed to reduce tariffs on $60 billion worth of goods traded between the two countries, including several major U.S. agricultural commodities.
Under the U.S.-China Board of Trade, each country recommended $30 billion in non-sensitive goods for more favorable tariff treatment. U.S. Trade Representative Jamieson Greer says the move would improve market access for about 30 percent of U.S. exports to China.
Reuters said China’s list includes U.S. corn, wheat, sorghum, meat, dairy, vegetable oils, and meals. However, soybeans were excluded from the tariff-cut list. China also plans to reduce tariffs on U.S. fish and seafood, logs, wood products, cosmetics, and medical devices.
The agreement came during President Donald Trump’s September 24 meeting with Chinese President Xi Jinping in Washington. The countries also agreed to extend their broader trade truce.
