The United States and China agreed to lower tariffs on $30 billion worth of goods traded between the two countries following a three-day summit between President Donald Trump and Chinese President Xi Jinping in Washington, D.C.According to the White House, the $30 billion in reciprocal tariff reductions apply to "non-sensitive goods."U.S.exports including agricultural products, fish and seafood, logs and wood products, cosmetics and medical devices will receive favorable tariff treatment in China.
Meanwhile, U.S.imports of Chinese-made small appliances, toys, holiday decorations and children's car seats will also receive preferential treatment.The agreement was reached through the U.S.-China Board of Trade, a body first proposed during Trump's visit to China in May and formally established during Xi's visit to Washington this week.President Donald Trump welcomes Chinese President Xi Jinping to speak during a state dinner in the East Room of the White House on Sept.
24, 2026 in Washington, D.C.(Kevin Dietsch/Getty Images)XI PRAISES US STATE VISIT 'PERFECTION' AS TRUMP CALLS MEETINGS 'VERY PRODUCTIVE'U.S.
Trade Representative Jamieson Greer told CNBC on Friday that "a lot more details" about the new trade agreement will be released on Monday.Greer said the tariff terms were hammered out after weeks of negotiations.Neither country has released the final tariff rates or all the products that will receive favored status going forward.This marks one of the most significant cooldowns in the trade war Trump launched against China in February 2025, when he levied a 10% tariff on all Chinese imports, citing Beijing's alleged role in the fentanyl crisis and illegal immigration.
China hit back with levies on U.S. coal, liquefied natural gas, crude oil and cars.President Donald Trump holds up a tariff chart while speaking during a "Make America Wealthy Again" trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, D.C.(Chip Somodevill...