US and China release list of $30 billion worth of imports that could see tariff cuts: See here | Today’s news
Days after Chinese President Xi Jinping visited Washington and met with US President Donald Trump, the US and China released lists of about $30 billion worth of goods that could face tariff cuts. However, both countries did not specify the extent of the planned cuts.
The US and China announced reductions in tariffs on goods
According to a list released by the White House on September 27, the goods proposed under the arrangement range from fireworks to household goods and sports equipment.
The official statement said: “The United States and China will consider the following list of US products for import into China and the list of Chinese products for import into the United States to reciprocally grant these goods reduced tariff treatment in accordance with their respective domestic laws and practices.
According to Bloomberg, China said in a separate statement that the tariff cuts will take effect immediately after authorities complete the procedures required under domestic law. Beijing further stated: “This arrangement will help further stabilize economic and trade relations between China and the US and create favorable conditions for Chinese exports of relevant products to the US.”
Separately, China’s Ministry of Commerce said tariffs on about 90 percent of products covered by the reciprocal arrangement would be reduced to most-favored rates.
The list includes at least 77 Chinese products and at least 1,619 American products.
While both sides have outlined the products covered by the deal, details on the extent of the tariff cuts are yet to be announced.
