US and China Announce Tariff Cuts Following Trump-Xi Summit

• •US and China agreed to reduce tariffs on $60 billion worth of trade.
• •77 Chinese goods and over 1,600 US products are included in the tariff cut list.
• •Trade between the US and China has declined by 25% in 2025.

On September 28, 2026, the US and China revealed a list of goods for potential tariff reductions following a summit between Presidents Trump and Xi. The agreement targets $30 billion of trade on each side, covering 77 Chinese goods and over 1,600 US products. US Trade Representative Jamieson Greer stated that this move would enhance market access for 30% of US exports to China. The Chinese Ministry of Commerce confirmed the arrangement, aiming for a reciprocal tariff reduction framework. The summit, while ceremonious, yielded limited concrete outcomes on broader issues like trade and technology. Trade between the two nations has significantly declined since Trump's return to office, with two-way trade dropping 25% in 2025. The next meetings are scheduled for APEC in November and G20 in December.