2 hrs ago
US-China Board Proposes Tariff Cuts Covering $30 Billion Each Way
The United States and China made lists of goods that might receive lower tariffs.
Each list covers goods worth about $30 billion.
Tariffs are extra charges placed on goods brought into a country.
The two countries have agreed on the lists, but they have not lowered the tariffs yet.
The United States list includes items such as toys, kitchen appliances, linens and sports equipment.
Some products have special limits, so not every item in a broad category is included.
Officials said the plan could help American products reach Chinese buyers more easily.
The countries will use their own legal processes before deciding whether to make the cuts.
The United States and China approved proposed tariff-treatment lists covering roughly $30 billion in goods each way.
The proposed cuts have not taken effect, and no reduction rates or implementation date were announced.
The United States list contains 77 tariff entries, including household goods, toys, appliances, sports equipment and ornaments.
U.S. Trade Representative Jamieson Greer said the plan could improve access for American agricultural products and medical devices.
The Board of Trade was created by Donald Trump and Xi Jinping and will review the lists through regular meetings.
- Who
- The United States and China, including U.S. Trade Representative Jamieson Greer, Treasury Secretary Scott Bessent and Vice Premier He Lifeng.
- What
- The two countries approved proposed lists of roughly $30 billion in goods each that could later receive more favorable tariff treatment.
- Where
- The proposal concerns trade between the United States and China; the lists were released after Xi’s visit to Washington.
- When
- The lists were announced after Chinese President Xi Jinping’s visit to Washington; the framework uses 2024 annual bilateral trade figures.
- Why
- The Board of Trade says its mission is to improve bilateral trade, while the United States says the plan could improve market access for American products.
Key facts
- Proposed value
- Roughly $30 billion in goods on each side
- Current status
- Lists approved, but tariff reductions have not taken effect
- U.S. list
- 77 tariff entries covering selected consumer and household products
- Examples
- Plastic tableware, linens, umbrellas, kitchen appliances, toys, sports equipment and Christmas ornaments
- Potential U.S. benefit
- Greer said the plan could affect about 30% of U.S. exports to China
- Valuation basis
- The framework says the lists were valued using 2024 annual bilateral trade figures
- Oversight
- Deputies are expected to meet at least quarterly and may propose list changes
Quotes
Jamieson Greer
US Trade Representative
“As a direct result of the strong relationship between President Trump and President Xi, the United States and China, under the auspices of the new Board of Trade, have recommended $30 billion of trade in non-sensitive goods on each side that could benefit from more favorable tariff treatment in the future.”
thehansindia.com
Sources
Related news
US-China Trade Truce Tariff Cuts Remain Under Negotiation
US and China Release Lists for Planned Tariff Cuts
US-China Reveal $30 Billion Reciprocal Tariff Reduction Framework
China and US Pursue Reciprocal Tariff Cuts Before Trump-Xi Summit
Xi-Trump Washington Meeting Focuses on Trade, Energy and Agriculture
US, China Rush to Finalize Tariff Talks Before Trump-Xi Summit
Bill Gates Urges Congress to Mandate AI Safeguards
Trump-Xi Summit Ends With Pageantry, Iran Talks and Few Breakthroughs
Trump-Xi Washington Summit Offers Trade Truce, Limited Breakthroughs
Dollar Dips as Oil Eases, Yen Jumps on Japan Remarks
