US-China trade commission established; list of items subject to mutual tariff reduction announced

[Washington Current Affairs] On the 27th, the Office of the United States Trade Representative (USTR) announced a list of products eligible for mutual tariff reductions with China. A ``trade commission'' has been launched in which the United States and China will each reduce tariffs on less sensitive items worth $30 billion (approximately 4.7 trillion yen).

The US-China trade truce ends on January 10 next year, with the Chinese Ministry of Commerce confirming the extension.

USTR Representative Greer, who serves as the head of the Trade Commission, U.S. Treasury Secretary Bessent, and Chinese Vice Premier He Lifeng approved the list drafted at the administrative level. Both countries will proceed with consideration of the list in accordance with their domestic laws and procedures, keeping in mind tariff reductions. The timing and tax rate of the reduction have not yet been determined, and will be determined and implemented based on each country's domestic laws.

Items that the United States imports from China include toys and home appliances. China's list included agricultural products such as U.S. corn, frozen beef, coal and medical equipment. The number of eligible items may expand in the future.