US, China agree to cut tariffs on $60B worth of products

Washington, Sep 28 (UNI) The United States and China have agreed to reduce tariffs on about USD 30 billion worth of goods from each country, creating a potential USD 60 billion tariff-reduction plan, after President Trump and Chinese President Xi Jinping met last week in Washington. The arrangement, dubbed the "30-for-30" framework, will be administered through a newly established US-China Board of Trade. The two sides have approved comparably valued lists of products for possible reduced tariff treatment, subject to each country's domestic laws and procedures. Chinese products subject to lower tariffs under the new "30-by-30" framework include fireworks, kitchenware,…