U.S., China Strike New Trade Deal
The U.S. and China agreed to a $60 billion trade deal, according to a Sunday announcement from the Office of the U.S. Trade Representative.
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“As a direct result of the strong relationship between President Trump and President Xi, the United States and China, under the auspices of the new Board of Trade, have recommended $30 billion of trade in non-sensitive goods on each side that could benefit from more favorable tariff treatment in the future,” said U.S. Trade Representative Jamieson Greer.
Items imported from China with reduced duties will include textile goods, some consumer electronics like shavers, and car seats. Items imported from the U.S. include medical components and coal-based products.
The “30-for-30” deal follows President Xi Jinping’s state visit to Washington last week, when the U.S. also announced an extension to January 10 of the trade-deal truce agreed to last October. A new U.S.–China “Board of Trade,” composed of officials from each side, will oversee the deal’s implementation.
