Washington and Beijing announced the details of a new trade agreement that will reduce tariffs on approximately $60 billion of goods exchanged between the two economies.
The deal, which follows the high‑profile summit between U.S. President Donald Trump and Chinese President Xi Jinping, lists a range of products that will see tariff rates lowered. While the specific items were not disclosed in the brief statement, the agreement is part of a broader effort to ease trade friction between the world’s largest economies.
Both sides said the tariff cuts will help to boost trade flows and create a more predictable environment for businesses on either side of the Pacific. The announcement comes as the U.S. and China continue to negotiate over a wider set of trade and economic issues.
Experts note that the $60 billion figure represents a significant portion of the bilateral trade volume, and the reductions could have a noticeable impact on import prices and supply chains in the months ahead.
<small>Source: Al Jazeera — read the original story there.</small>
