U.S., China to lower tariffs on $60 billion of goods. Here's what qualifies - cnbc.com
The U.S. and China have announced plans to reduce tariffs on $60 billion worth of goods, covering items like toys, sports equipment, and agricultural products. The move follows a summit between President Trump and President Xi, aiming to ease trade tensions and boost retail consumption.
Why it matters
This de-escalation in trade barriers could provide a significant boost to global retail markets and ease inflationary pressures on consumer goods ahead of the holiday season.
BEIJING — The U.S. and China are planning to reduce tariffs on $30 billion worth of goods from each country, according to government announcements from both sides Monday.
The detailed lists includes mostly imports of toys, sports equipment and Christmas decorations by the U.S., while American agricultural products accounted for much of the far longer list of imports by China.
Washington has sought to reduce its record trade deficit with Beijing, as the Asian country exports far more to the U.S. than it imports. U.S. goods trade deficit with China was more than $202 billion last year.
"If we see the tariff cuts actually implemented before the holiday season, it could provide a welcome boost to U.S. consumption and to retailers," said Jacob Cooke, CEO at WPIC.
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7 other newsrooms covered this event. We read each version separately.
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