US and China extend trade truce until Jan 10, agree to cut tariffs on US$30b of imports each

The United States and China have touted new moves on trade, with a pact to cut tariffs on US$60 billion worth of goods. Each side has recommended US$30 billion worth of non-sensitive goods for more favourable tariff treatment. Beijing plans to cut tariffs on a range of US agricultural products, as well as seafood, wood products, cosmetics and medical devices. Washington, meanwhile, will lower tariffs on Chinese consumer goods, including small appliances, toys, household items and holiday decorations. This follows confirmation that their trade truce — which was due to expire in November — has been extended to Jan 10. Tan Yew Guan reports from Shanghai and Nick Harper reports from Washington DC. 

The United States and China have touted new moves on trade, with a pact to cut tariffs on US$60 billion worth of goods. Each side has recommended US$30 billion worth of non-sensitive goods for more favourable tariff treatment. Beijing plans to cut tariffs on a range of US agricultural products, as well as seafood, wood products, cosmetics and medical devices. Washington, meanwhile, will lower tariffs on Chinese consumer goods, including small appliances, toys, household items and holiday decorations. This follows confirmation that their trade truce — which was due to expire in November — has been extended to Jan 10. Tan Yew Guan reports from Shanghai and Nick Harper reports from Washington DC.