U.S. and China to Cut Tariffs on $60 Billion of Goods

The U.S. and China have agreed to cut tariffs on $60 billion worth of goods, from U.S. coal to Chinese toys.The late Sunday announcement falls under the “30-for-30” framework, covering roughly $30 billion of U.S. exports to China and $30 billion of Chinese exports to the U.S. The U.S.-China Board of Trade, established during President Donald Trump’s visit to Beijing in May, recommended more favorable tariff treatment for “non-sensitive” products.The proposed cuts would bring relief to a wide range of goods, including live horses, camels, and fishing tackle. The White House has not yet specified the size of tariff reductions or when the cuts will be implemented, although the Chinese Commerce Ministry said tariffs on around 90% of the products on each list would return to “most favored nation” levels, referring to ordinary baseline tariff rates that vary based on product.TIME has reached out to the White House and Chinese Commerce Ministry for comment.“The Trump Administration will continue to pursue fair, balanced, and reciprocal trade with China by ensuring compliance with commitments on agricultural and energy purchases, pursuing balanced trade in non-sensitive goods, and securing...