The US and China simultaneously published lists of goods on which import tariffs will be reduced. The total value of the products covered by the new trade terms is approximately $30 billion. The announcement came a few days after Chinese President Xi Jinping's three-day state visit to Washington, which took place at the invitation of US President Donald Trump. The Chinese Ministry of Commerce stated that the agreements reached should promote the strengthening of trade cooperation between the two largest economies in the world. China will reduce tariffs on 1,619 types of American products. The list includes agricultural products, personal hygiene items, wood, medical devices, and several other categories. For its part, the US will ease tariffs on 77 types of Chinese goods, including fireworks, cutlery, glass and wooden Christmas ornaments, as well as soccer balls. For more than 90% of the products included in the agreement, the most-favored-nation status will apply. This means that these goods will no longer be subject to the special increased tariffs that were previously imposed. In fact, this is a partial reduction of trade barriers between the two countries. The agreement primarily concerns consumer and industrial goods, rather than the most sensitive sectors of the economy. The US and China also agreed that the lists of goods could be reviewed. However, such changes are expected to be made no more than once a year. At the same time, the most strategically important areas of trade were not included in the agreement. Previous restrictions will remain in place for products related to the production of microchips, electric vehicles, and batteries. Thus, the parties continue to gradually restore trade relations, but the most sensitive sectors of the economy remain the subject of separate negotiations.
