China and US agree tariff cuts on $60 billion of goods, extend trade truce

China and the United States have agreed to cut tariffs on $60 billion worth of goods imported from each other, covering products from US corn and cosmetics to Chinese household appliances and toys, Reuters reported from Beijing on 28 September.

Reciprocal lists after the summit

Under the US-China Board of Trade, each side recommended about $30 billion of trade in non-sensitive goods for more favourable tariff treatment, US Trade Representative Jamieson Greer said in a statement on Sunday. Greer said that unlocked improved market access for about 30% of US exports to China.

White House lists showed China planned to trim duties on US agricultural goods including corn, wheat, sorghum, meat, dairy, vegetable oils and meals — though not soybeans — plus fish and seafood, logs and wood products, cosmetics and medical devices. Washington’s reciprocal cuts covered Chinese small appliances, tableware, linens, toys, fireworks, holiday decorations and children’s car seats.

Truce to 10 January

China’s commerce ministry said on Monday that a two-month extension of the trade truce through 10 January would give both sides room to evaluate their arrangement and consider how to advance. It also pointed to an agriculture working group due to meet before year-end, and to a summit agreement for China to import 10 million metric tons of US coal annually in 2027 and 2028 — roughly 2% of China’s yearly coal imports.

Chinese stocks nonetheless fell sharply on Monday, with the blue-chip index sliding more than 2% to a one-year low as investors weighed limited summit detail and fresh US legislative pressure on Chinese components in AI data centres.