Under the U.S.-China Board of Trade, each country recommended $30 billion worth of non-sensitive goods for more favorable tariff treatment. United States Trade Representative Jamieson Greer announced the deal in a statement Sunday, saying the move unlocks improved market access for about 30% of U.S. Exports to China.
The list spans a wide range of everyday goods, from American corn and cosmetics to Chinese household appliances and toys. The agreement also extends a trade truce between the two countries, one of the key outcomes from the latest round of talks.
For businesses that import or export between the two countries, the tariff cuts mean cheaper costs on a broad slice of trade. Companies making or selling anything from farm products to consumer goods could see relief on pricing tied to these tariffs. Both governments appear to be looking to ease trade tension rather than escalate it, at least on this batch of products.