U.S. and China agree to reduce tariffs on $60 billion in goods

Source Summary

The U.S. and China have agreed to lower tariffs on approximately $60 billion of goods. U.S. imports affected include toys, sports equipment, and Christmas decorations, while Chinese imports include U.S. farm products.

Why it matters

Tariff reductions on $60 billion in bilateral trade represent a material shift in U.S.-China trade relations with direct effects on consumer goods prices and agricultural markets.