BEIJING (dpa-AFX) - The United States and China have agreed to cut tariffs imposed on $30 billion worth of trade in non-sensitive goods on each side.
The White House and the Chinese Commerce Ministry published two lists of goods that are eligible for preferential treatment, which includes 1,619 U.S. items and 77 Chinese goods.
This was agreed during Chinese President Xi Jinping's visit to the United States last week. The deal is expected to boost bilateral trade and ease tensions over U.S.-China trade war.
Under the 30-for-30 framework, U.S. exporters will get access to Chinese market for lesser duty. Products recommended by the Board of Trade include agricultural goods, medical devices, fish and seafood, coal and cosmetics.
Simultaneously, US imports of Chinese products such as small appliances, toys, decorations, mixers and grinders, fireworks, glass and wooden Christmas ornaments, soccer balls and household products will become cheaper.
'As a direct result of the strong relationship between President Trump and President Xi, the United States and China, under the auspices of the new Board of Trade, have recommended $30 billion of trade in non-sensitive goods on each side that could benefit from more favorable tariff treatment in the future,' US Trade Representative Jamieson Greer said in a statement. 'From agricultural products to medical devices, President Trump is unlocking improved market access for about 30 percent of U.S. exports to China, while benefiting consumers with imports from China of household goods, toys, and other products that the United States generally does not import from other countries. The Trump Administration will continue to pursue fair, balanced, and reciprocal trade with China by ensuring compliance with commitments on agricultural and energy purchases, pursuing balanced trade in non-sensitive goods, and securing market access for American farmers, manufacturers, businesses, and workers,' Ambassador Greer added.
The Chinese commerce ministry said China and the United States agreed to accelerate cooperation in the agricultural sector, forming a group under the Board of Trade established in May during President Trump's visit to Beijing to manage trade in non-sensitive products between the two largest economies in the world.
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