Business & Finance
US and China consider tariff reductions on noncritical goods, official says
Treasury Secretary Scott Bessent announced discussions to reduce tariffs ahead of bilateral talks, The Hill reports.
The short version
- Treasury Secretary Scott Bessent stated that American and Chinese officials are reviewing reciprocal tariff reductions on noncritical goods.[The Hill]
- The potential deal would cover approximately $30 billion in imports for each country, expanding U.S. exports of agricultural and energy goods.[The Hill]
- U.S. Trade Representative Jamieson Greer engaged in talks in New York, calling discussions constructive while noting ongoing tensions over Chinese rare earth export limits.[The Hill]
Key facts
- Treasury Secretary Scott Bessent stated that the U.S. and China are considering reducing tariffs on noncritical products.[The Hill]
- The proposed framework would lower tariffs on $30 billion worth of imported goods for each country.[The Hill]
- U.S. Trade Representative Jamieson Greer met with Chinese counterparts in New York City to discuss the agreement.[The Hill]
- The prospective agreement aims to enable greater U.S. exports of energy and agricultural goods to China.[The Hill]
What remains uncertain
- It remains unconfirmed whether both nations will finalize the agreement, with Greer noting an absence of full trust between the parties.[The Hill]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.