Tariff Reduction Plan agreed to between China and United States

US, China Announce Reciprocal Tariff Reduction Plan for $30 Billion in Goods

The proposal covers goods from each country, while Washington and Beijing also announced agreements on Iran and technology talks.

The United States and China announced a tariff reduction plan of $30 billion in goods from each country following the Chinese leader’s state visit to Washington, covering non-sensitive goods.

The Chinese Foreign Ministry confirmed the agreement in a statement on Saturday, following the release of a fact sheet from the White House the day before.

The announcements came after talks between President Donald Trump and Chinese leader Xi Jinping produced common positions on Iran’s nuclear program and international waterway tolls, along with plans for a dialogue on risks and benefits related to artificial intelligence.

Xi departed on Sept. 25 after a visit that included a military welcome, bilateral talks, and a state dinner. Before leaving, Xi and his wife, Peng Liyuan, joined Trump and First Lady Melania Trump for tea and a visit to the National Archives. “A lot of very positive things happened,” Trump told reporters during the tea meeting.

The two leaders “discussed fostering peace and prosperity to enhance confidence for businesses and consumers around the world,” the White House said, adding that the United States and China would pursue “a constructive relationship of strategic stability.”

Both leaders agreed that Iran must not have nuclear weapons and that no country or institution should impose tolls on international waterways, according to the readouts from both countries.

Read more about it...