The United States and China announced that they will lower tariffs on roughly $60 billion worth of goods, covering a mix of consumer and agricultural products.
Under the agreement, the United States will reduce duties on a range of Chinese imports that include toys, sports equipment and Christmas decorations.
China, in turn, will cut tariffs on U.S. farm products, adding agricultural goods to the list of items eligible for lower import taxes.
The tariff reductions are part of ongoing efforts to ease trade tensions that have lingered since the 2018 tariff escalations, with both governments seeking to stimulate bilateral commerce.
Industry observers say the selected categories—high‑volume, seasonal consumer items and staple farm produce—could translate into lower prices for retailers and farmers, though the overall effect will depend on how quickly the changes are implemented.
<small>Source: CNBC — read the original story there.</small>