What happened
The United States and China have agreed on product lists that could receive lower tariffs, covering about $60 billion in trade. The lists include 77 categories of Chinese goods and 1,619 categories of US goods. The agreement excludes ordinary US soybean exports and requires further legal steps before tariff changes take effect.
The covered goods are considered non-sensitive and include items such as toys, fireworks, and agricultural products. The tariff reductions must still go through each country's domestic legal procedures before taking effect. The Chinese Commerce Ministry stated that the reductions would be implemented simultaneously after completing these procedures.
The agreement does not settle the broader US-China trade dispute, but the two countries have extended their existing trade truce by two months. The US Treasury Secretary expressed uncertainty about reaching a broader agreement, but stated that Washington is open to continuing the existing arrangement or examining a larger deal.
