China and U.S. agree to cut tariffs on $60 billion worth of goods

China and the United States have agreed to cut tariffs on $60 billion worth of goods imported from each other, ranging from American corn to cosmetics and from Chinese household appliances to toys.

According to the U.S.-China Business Council, the two countries have each recommended $30 billion in trade in non-sensitive goods for more favorable tariff treatment, U.S. Trade Representative Jamieson Greer said in a statement on Sunday.

The reciprocal tariff cuts, as well as the extension of a trade truce, were among the key outcomes of the second summit this year between President Xi Jinping and U.S. President Donald Trump, hosted in Washington last week.

One of two lists from the White House showed China planned to cut duties on a range of American agricultural goods, including corn, wheat, sorghum, meat, dairy products, vegetable oils and flour.

Beijing will also seek to lower taxes on U.S. fish and seafood, timber and wood products, cosmetics and medical equipment.

On another list were Washington’s reciprocal tariff cuts for small Chinese appliances such as coffee machines and toasters, tableware, blankets and bed sheets.

The lists also included toys, fireworks, artificial flowers, Christmas tree lights and other festive decorations, as well as child car seats.

China’s Commerce Ministry said on Monday that a two-month extension of a trade truce with the United States until January 10 would give both sides room to assess their ongoing agreement to resolve economic and trade issues, while also considering how to advance on these fronts.