China and the United States announced plans to cut tariffs on traded goods worth about $60 billion. U.S. Trade Representative Jamieson Greer said Sunday evening that the two countries had recommended granting preferential tariff treatment to “non-sensitive” goods with import values of about $30 billion for each side.
Greer said the proposed arrangements would create “better market-access prospects” for about 30% of U.S. exports to China and would cover agricultural, consumer and industrial products from both sides.
Proposed cuts without a timeline
The tariff move came alongside the extension of the trade truce, with both measures among the key outcomes of the second summit between Chinese President Xi Jinping and U.S. President Donald Trump in Washington last week. Statements issued by the two sides did not specify the size of the tariff cuts to be implemented or their timeline.
The Office of the U.S. Trade Representative said the estimated value of the imported-product lists, at $30 billion for each side, was based on 2024 trade data.
One list published by the White House showed that China plans to cut tariffs on a range of U.S. agricultural products, including corn, wheat, sorghum, meat, dairy products, vegetable oils and feed, as well as fish and seafood, logs, wood products, cosmetics and medical devices.
Soybean exclusion weighs on futures
The list did not include soybeans other than those intended for planting, the largest U.S. agricultural export to China, which was worth $16.2 billion in 2025.
The American Soybean Association expressed disappointment that tariffs on the product remained in place, saying China’s 10% retaliatory tariffs would leave Beijing’s purchases of U.S. soybeans largely in the hands of state-directed companies. Removing the tariffs, it said, would strengthen the product’s competitiveness and make room for greater purchases by Chinese private companies.
Soybean futures on the Chicago Mercantile Exchange fell sharply on Monday, as traders were disappointed by the announcement and sold long positions that had built up in the futures market.
Chinese consumer goods included on the U.S. list
The proposed U.S. list included tariff cuts on Chinese consumer goods, including small household appliances such as coffee makers and toaster ovens, as well as tableware, blankets, bed linens, fireworks, artificial flowers, holiday and event decorations, and child car seats.
Toys, including children’s bicycles, topped the U.S. list at $14.4 billion in 2024 before falling to an estimated $9.8 billion in 2025 amid higher tariffs, according to U.S. Census Bureau data.
Trade truce extended through Jan. 10
China’s Ministry of Commerce said Monday that extending the trade truce with the United States by two months through Jan. 10 would give both sides more time to assess existing trade arrangements, explore ways to address outstanding economic and trade issues, and determine the next steps.
