President Donald Trump and Chinese leader Xi Jinping reached an agreement to cut tariffs on roughly $60 billion worth of goods, a move aimed at stabilizing strained trade relations between the two superpowers. The White House announced the deal Sunday, following the leaders’ meeting last week in Washington.
1+Under the agreement, dubbed “30-for-30,” each country will allow imports of “non-sensitive” goods worth up to $30 billion from the other at reduced tariff rates. The tariff cuts will apply to a range of American and Chinese products, including corn, wheat, meat, seafood, wood products, medical equipment, toys, and consumer goods.
U.S. Trade Representative Jamieson Greer said the deal will improve market access to China for about 30% of American exports to the country. However, soybeans—a key product for American farmers—were left out of the agreement. China separately committed to import at least 10 million tons of U.S. coal in 2027 and 2028.
1+Alongside the economic agreements, Washington and Beijing decided to establish a joint communication channel to address developments in artificial intelligence and the risks associated with them.
The deal comes after the U.S. and China agreed to pause the escalation of their tariff war until January 10, and marks another attempt by the world’s two largest economies to curb their economic confrontation.