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BackThe U.S. and China establish a working group to improve market access in the agricultural sector and agree to $30 billion in tariff cuts
The U.S. and China establish a working group to improve market access in the agricultural sector and agree to $30 billion in tariff cuts
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時事通信49 minutes agoBusiness1 min readJapanView original

The U.S. and China establish a working group to improve market access in the agricultural sector and agree to $30 billion in tariff cuts

US-China tradetariff reductionagricultural market access

Quick Look

  • The White House announced on the 25th that the United States and China have established a working group to improve market access in the agricultural sector.
  • The new Trade Commission, which the two countries agreed to establish at the summit meeting in May, will start working, and the two countries will mutually reduce tariffs of $30 billion (approximately 4.7 trillion yen) on agricultural products and other items.
  • The Trump administration will use this as an opportunity to appeal to farmers, who are its support base, ahead of the midterm elections.

AI-generated summary

Why It Matters

At the US-China summit meeting in May, they agreed to establish a new trade commission.

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The White House announced on the 25th that the United States and China have established a working group to improve market access in the agricultural sector. The new ``Trade Commission'' that the two countries agreed to establish at the summit meeting in May has been put into operation, and the two countries will mutually reduce tariffs of $30 billion (approximately 4.7 trillion yen) on agricultural products and other items. This will serve as an opportunity for the Trump administration to appeal to its support base of farmers ahead of the midterm elections.

US President Trump considers complaints about price-cutting measures to expand market access for livestock producers

According to the Chinese Ministry of Foreign Affairs, the Chinese side also agreed to promote the trade commission and reduce tariffs on an equal basis by $30 billion.

According to a fact sheet from the US summit released on the same day, US exports include agricultural products, seafood, wood products, cosmetics, and medical equipment. From China, consumer goods such as child seats, small home appliances, and toys will be targeted.

In addition, China has agreed to import at least 10 million tons of coal from the United States a year from 2027 to 2028. The United States expressed concern about China's rare earth supply shortage and emphasized its "goal to return shipments to appropriate levels."

Open Questions

  • What is the specific timing of the tariff reduction?
  • What items other than agricultural products are subject to tariff reduction?
  • What are the specific measures to address rare earth supply shortages?

Related Topics

US-China trade
Peopledonald trump
Organizationsus white houseMinistry of Foreign Affairs of China
Placeswashingtonbeijingunited stateschina
Topicstariff reductionagricultural market accesstrump administrationmidterm electionstrade commissionequal tariffs
This article was originally published by 時事通信.

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