U.S., China to lower tariffs on $60 billion of goods. Here's what qualifies
The lists included U.S. imports of toys, sports equipment and Christmas decorations, while U.S. farm products appeared on the list of Chinese imports.
TL;DR
- U.S. and China plan to reduce tariffs on $30 billion worth of goods from each country.
- U.S. import list includes toys, sports equipment, and Christmas decorations.
- China's import list includes American agricultural products.
- The move aims to reduce the U.S. trade deficit with China.
- Potential boost to U.S. consumption and retailers if implemented before the holiday season.
- Timing and extent of tariff reductions are not yet clear.
- A one-year truce on further tariff increases was reached last fall and extended to January.
- A U.S.-China “Board of Trade” will be established with officials from both governments.
- Lower tariffs could boost trade, particularly for competitive Chinese companies.