US and China Cut Tariffs on $60 Billion in Goods After Trump-Xi Summit

The US and China agreed to lower tariffs on about $60 billion in goods, with each side easing duties on $30 billion worth of imports from the other. China targets US farm products like beef, soybeans, wheat, and dairy, plus medical gear and more coal imports, while the US opens up to Chinese toys, fireworks, kitchen appliances, and holiday decorations.

This forms part of a 10-point deal that extends their trade truce to January 2027, sets up new groups for agriculture and AI talks, and boosts market access for businesses on both sides.