U.S., China to lower tariffs on $60 billion of goods. Here's what qualifies

Rancher Curtis Schroder, 57, and his son Derek lead heifers toward a transport truck on the Schroder family ranch in Walsh, Colorado on May 9, 2026. Mark Makela | Getty Images News | Getty ImagesBEIJING — The U.S. and China are planning to reduce tariffs on $30 billion worth of goods from each country, according to government announcements from both sides Monday.The detailed lists includes mostly imports of toys, sports equipment and Christmas decorations by the U.S., while American agricultural products accounted for much of the far longer list of imports by China. Washington has sought to reduce its record trade deficit with Beijing, as the Asian country exports far more to the U.S. than it imports. U.S. goods trade deficit with China was more than $202 billion last year."If we see the tariff cuts actually implemented before the holiday season, it could provide a welcome boost to U.S. consumption and to retailers," said Jacob Cooke, CEO at WPIC.Cooke, whose company primarily helps U.S. brands sell in China, said that Beijing's import list includes fast-growing categories such as hair care and packaged pet food, where Chinese brands are highly competitive against U.S. offerings. "...