From farm goods to toys: US, China finalise $30 billion tariff deal
The United States and China have finalized a $30 billion tariff agreement covering various goods and have agreed to establish a trade council for ongoing economic discussions. The deal follows a summit between President Trump and President Xi Jinping, where both leaders emphasized the need for cooperation.
Why it matters
This agreement marks a significant de-escalation in trade tensions between the world's two largest economies, potentially stabilizing global markets.
The United States and China have reached an agreement on tariffs for $30 billion worth of goods traded between the two countries, while also agreeing to establish a trade council for future economic discussions.The new arrangement covers US exports, including agricultural products, wood and cosmetics, to China. Chinese goods such as small appliances, toys and decorations will also receive more favourable tariff treatment, according to the White House, as reported by Reuters.This came after Chinese President Xi Jinping held a three-day visit to the US and held bilateral meets with US President Donald Trump.
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