China and US to seek lower tariffs on $30 billion worth of goods each, Beijing says
China's Commerce Ministry said Beijing and Washington will begin negotiations to lower tariffs on $30 billion worth of goods each, following the Trump-Xi summit. The agreement is being seen as a clear easing of global trade tensions and a positive signal for cross-Pacific supply chains.
China's Commerce Ministry said in a written statement that the two countries had reached a preliminary agreement following the Trump-Xi summit to lower tariffs on $30 billion in goods each. The talks will cover agriculture, automotive, machinery and electronics, according to the announcement.
The Office of the US Trade Representative confirmed the deal, saying technical committees will work in parallel in Beijing and Washington. Officials called it the first significant pull-back in the aggressive tariff regime that has been in place since mid-2024.
Market reaction was positive. The Shanghai Composite rose 1.8% and Hong Kong tech stocks ended the week up nearly 4%. Analysts said the deal could support a gradual recovery in Chinese exports, while structural tensions over Taiwan and technology export controls remain unresolved.
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