U.S. and China Agree to Discuss Tariff Cuts on $30 Billion in Goods

Officials from the U.S. and China said they will discuss reciprocal tariff reductions on products of equivalent scale. The planned cuts follow a one-year trade truce reached last year.

The commerce ministry said Wednesday that Beijing will work with Washington on reducing levies affecting tens of billions of dollars in goods. The two sides agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent scale.

The intended tariff cuts will affect goods worth $30 billion or more on each side, according to an online statement attributed to an unnamed commerce ministry official. China hopes the U.S. side will honour its commitment made during the recent round of negotiations.

The commerce ministry also said China would restore registrations for some U.S. beef exporters. Officials confirmed that China would purchase 200 aircraft from U.S. aerospace giant Boeing. On the supply of rare earths, the statement said both sides will work together to study and resolve each other's legitimate and lawful concerns.