Days after Chinese President Xi Jinping visited Washington and met US President Donald Trump, the US and China have released lists covering around $30 billion worth of goods that could see tariff reductions. However, the two countries have not specified the extent of the planned cuts.
US, China announce goods for tariff reductions
According to a list released by the White House on 27 September, the goods proposed under the arrangement range from fireworks to household items and sports equipment.
The official statement noted: “The United States and China will consider the following list of U.S. products for import into China and list of Chinese products for import into the United States with a view toward providing reduced tariff treatment to those goods in a reciprocal manner, consistent with their respective domestic laws and processes.”
According to Bloomberg, China, in a separate statement, said the tariff reductions would come into effect immediately after the authorities complete the procedures required under domestic law. Beijing further said: “This arrangement will help to further stabilize China-US economic and trade relations and create favorable conditions for China’s exports of relevant products to the US.”
China’s Ministry of Commerce separately said that tariffs on around 90 per cent of the products covered under the reciprocal arrangement would be lowered to most-favored-nation rates.
The list includes at least 77 Chinese products and at least 1,619 US products.
While the two sides have outlined the products covered by the arrangement, details on the extent of the tariff reductions are yet to be announced.
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