China, U.S. Agree to $60 Billion in Tariff Cuts, Including Agriculture

The United States and China have agreed to reduce tariffs on $60 billion worth of goods traded between the two countries, including several major U.S. agricultural commodities.

Under the U.S.-China Board of Trade, each country recommended $30 billion in non-sensitive goods for more favorable tariff treatment.  U.S. Trade Representative Jamieson Greer says the move would improve market access for about 30% of U.S. exports to China.

According to Reuters, the list of American farm products includes wheat, dairy, meat, vegetable oils, and meals as well as corn and sorghum.  However, soybeans were excluded from the tariff-cut list.  China also plans to reduce tariffs on U.S. fish and seafood, logs, wood products, cosmetics, and medical devices.

The agreement reportedly came during President Donald Trump’s September 24 meeting with China’s Xi Jinping in Washington D.C.  At that time, the countries also agreed to extend their broader trade truce.

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