Trump and Xi back down – $60 billion deal

The United States and China have agreed to reduce tariffs on goods worth approximately $60 billion in bilateral trade.

TodayPress TV reports, citing CNN, that the announcement was made based on recommendations from the US-China Business Council.

Under the agreement, each country will allow imports from the other of $30 billion worth of non-sensitive goods at lower tariff rates. The list includes agricultural and energy products, as well as toys, household goods and other items.

The Office of the United States Trade Representative said the new mechanism is aimed at ensuring more balanced trade between the two countries.

Jala Rovshan