US releases product lists for US$30 billion China tariff deal

The US released details of a plan with China to cut tariffs on about US$30 billion (S$38 billion) of imports from each country following a summit between leaders Donald Trump and Xi Jinping. The goods proposed under the arrangement for import to the US include fireworks, household products, sports equipment and toys, according to a list released by the White House. China’s import list includes meat, seafood, dairy products, grains, coal, timber and medical equipment, according to the US statement.China has yet to release or confirm a product list. In a separate statement on Sept 28, China said the tariff reductions would take place simultaneously after fulfilling procedures required in domestic law. “This arrangement will help to further stabilise China-US economic and trade relations and create favourable conditions for China’s exports of relevant products to the US,” the Chinese Commerce Ministry said.About 90% of the products covered by the reciprocal arrangement would have their tariffs reduced to most-favoured-nation rates, according to the statement.Beijing said tariffs on coal imported from the US would be included in the framework, a step it said would support Chinese purchases in 2027 and 2028. The White House previously said China agreed to import at least 10 million tonnes of coal from the US in 2027 and again in 2028.The Chinese statement also outlined several other outcomes from the latest round of trade talks. The two countries agreed to establish a US-China Board of Trade, create an agricultural working group and hold regular discussions on investment barriers. They also established an artificial intelligence dialogue and a communication channel for AI-related incidents.The agricultural group, led jointly by China’s Commerce Ministry and the Office of the US Trade Representative, will hold its first meeting by the end of 2026, the ministry said. BLOOMBERG