US and China Reach $30 Billion Reciprocal Tariff Reduction Agreement

According to reports, the US and China have reached a consensus under the Trade Council framework to implement reciprocal tariff reductions on approximately $30 billion worth of imported goods each. Over 90% of the listed products will be exempt from additional tariffs and will receive most-favored-nation treatment. The US will lower tariffs on Chinese imports such as toys, appliances, and baby products, while China will reduce tariffs on US imports including agricultural products, medical devices, and coal. Both nations will implement these reductions following their respective domestic legal procedures.