The United States and China announced Monday plans to reduce tariffs on $30 billion worth of goods from each country, totaling $60 billion. These reductions follow a trade truce reached last fall and extended to January after the summit between Donald Trump and Xi Jinping in Washington. U.S. agricultural products and livestock account for much of China’s reduced tariff list, while American imports from China mainly include toys, Christmas decorations and sporting equipment. The U.S. goods trade deficit with China exceeded $202 billion last year. Previous tariffs imposed by both countries topped 40% for the U.S. and 30% for China.
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