US, China to cut tariffs on $30 billion worth of goods after Trump-Xi summit
लगानी न्यूज
President Donald Trump and China's President Xi Jinping walk in the Grand Foyer of the White House during a State Dinner, Thursday, Sept. 24, 2026, in Washington. (AP Photo/Alex Brandon)
. The United States and China on Monday released a list of tariff cuts on goods worth about $30 billion. This is expected to help improve trade relations between the two countries.
TAG_OPEN_div_71 The data comes days after US President Donald Trump and Chinese President Xi Jinping met in Washington. At some point last year, the US tariff on goods imported from China reached 145 percent. The US has already reduced some tariffs on China as tensions between the two countries have eased in recent times.
China’TAG_OPEN_div_69 s commerce ministry said the new arrangement would help strengthen trade cooperation between the two countries.
TAG_OPEN_div_68 The list includes 1,619 types of goods that China imports from the United States. These include agricultural products, personal care items, timber, medical equipment and coal.
Similarly, tariffs will be cut on 77 classes of goods imported by the US from China. These include fireworks, kitchen utensils, glass and wooden Christmas decorations, and footballs.
TAG_OPEN_div_64 According to the Chinese Ministry of Commerce, more than 90 percent of the goods will be subject to the ‘Most Favored Nation’ (Most Favored Nation) level customs rate. This will remove most of the additional customs rates imposed for the respective countries.
U.S. Trade Representative Jamison Grier said the list includes non-sensitive items from both sides. According to him, the new system will give American farmers, producers, businessmen and workers more access to the Chinese market.TAG_OPEN_div_62
Both countries have agreed to amend the list as per the need. However, it is said that such an amendment is likely to be done only once a year.
TAG_OPEN_div_58 According to the Chinese Ministry of Commerce, the two countries have agreed to cooperate more in the field of agriculture. However, areas of strategic importance such as chips, electric vehicles and batteries are not included in the agreement.
Bilateral trade expected to increase
Lin Song, chief economist for ING Bank’s Greater China region, said the tariff cuts could significantly boost trade between the two countries. Analysts say U.S. consumers could also benefit from the increased focus on consumer goods exported from China to the U.S.TAG_OPEN_div_54
TAG_OPEN_div_52 According to Gary Ng, senior economist at French bank Natixis, reducing tariffs on consumer goods imported from China could also help control U.S. inflation. It could also increase the opportunity for Chinese companies to export additional products.
However, some analysts have said that even if there is about $TAG_OPEN_div_50 30 billion worth of transactions on both sides, the overall economic impact could be limited.
According to Prashant Bhayani, chief investment officer for the Asia region of BNP Paribas Wealth Management, in the first seven months of this year, goods worth $68 billion were exported from the US to China. In the first eight months, exports from China to the US reached about $270 billion.TAG_OPEN_div_48
China’s trade surplus expected to remain high
}
Last year, China’s trade surplus reached a record $1.2 trillion. By August this year, such savings reached about $800 billion, according to analysts.TAG_OPEN_div_44
The US is investigating 16 trading partners, including China, as part of an investigation into the over-exploitation of industrial capacity. After the investigation, there is also a possibility of imposing additional tariffs on China.
TAG_OPEN_div_40 Meanwhile, the U.S. and China agreed last week to extend the comprehensive trade ceasefire for another two months. Trump and Xi are expected to hold further meetings at the Asia-Pacific Economic Cooperation (APEC) summit in November and the G20 summit in December.
Some Chinese businessmen who produce Christmas decorations in southern China and export them to the U.S. have welcomed the new tariffs. However, they say the immediate impact could be limited as most of this year’s Christmas decorations have already been transported before the main season.TAG_OPEN_div_38
प्रतिक्रिया दिनुहोस्