US and China Reach Reciprocal $30 Billion Tariff Reduction Agreement

The Ministry of Commerce announced a reciprocal tariff reduction framework between the US and China, each totaling $30 billion. The US will lower tariffs on approximately $30 billion worth of Chinese imports, including toys, home appliances, and baby products, while China will reduce tariffs on about $30 billion worth of US imports, such as agricultural products and medical devices.