China, US to cut tariffs on $60b of goods

Beijing and Washington have agreed to lower duties on $60 billion of traded goods, according to The Express Tribune. The package ranges from American farm produce and cosmetics to Chinese household appliances and toys. Under the US-China Board of Trade, each country nominated $30 billion of non-sensitive commodities for preferential duty treatment, as stated by US Trade Representative Jamieson Greer on Sunday.

Greer said the arrangement would open better market access for about 30% of American exports to China. Beijing's planned reductions cover grains, meat, dairy, oils, fish, logs, cosmetics and medical devices, but exclude soybeans. Washington's list covers small Chinese kitchen gadgets, including coffee machines and toasters, along with tableware, blankets, toys, fireworks and children's car seats.

Both the reciprocal reductions and the truce extension featured among the headline outcomes of Xi Jinping's second meeting this year with Donald Trump, held in Washington last week. On Monday, the Chinese commerce ministry stated that the truce will run two months longer, through January 10, giving both sides room to review their arrangement on economic and trade issues.