The USA and China mutually decided to reduce customs duties on a total of 60 billion dollars of products in trade between the two countries.
While the White House has published lists covering $30 billion worth of goods from both parties, the exact rates and implementation schedule of the tax cuts have not yet been clarified.
Last week, US President Donald Trump and Chinese President Xi Jinping held a summit in Washington.
According to the AFP news agency, the White House announced that after Xi's visit, a recommendation was made to apply more advantageous tariffs to products in the "non-sensitive goods" category. Beijing administration also confirmed the agreement.
The two countries reached a trade ceasefire for the first time at the leaders' summit in South Korea last year, following a retaliatory period in which customs duties rose above 100 percent for a period.
US Treasury Secretary Scott Bessent announced that this agreement, which was planned to expire in November, was extended until January 10.
China's Ministry of Commerce stated that extending the trade ceasefire for two months will give both sides the opportunity to evaluate the plan to resolve economic problems. In the statement, it was noted that this step will provide a predictable environment for inter-company cooperation.
US Trade Representative Jamieson Greer said the agreement reached within the US-China Trade Mission would expand market access for approximately 30 percent of US exports to China.
According to the list published by the Washington administration, the USA; It plans to reduce customs duties on 77 product categories, including fireworks, Christmas decorations and tree lights, artificial flowers, household goods, children's car seats, toys, sports equipment, tableware, blankets, sheets, small household appliances such as coffee machines and toasters.
China's import list includes more than 1,600 American goods, including corn, wheat, sorghum, meat products (beef, pork, poultry), seafood, dairy products, vegetable oils and oils, whiskey, medical devices, cosmetics, logging and wood products, and coal.
On the other hand, according to the news of Reuters agency, soybeans, the largest agricultural export item of the USA to China, were excluded from the tariff reduction list announced by Beijing.
US-origin soybeans are still subject to an additional 10 percent customs duty in the Chinese market. Industry representatives warn that this tax burden creates a cost that is difficult to cover for private sector crushing facilities.
The Beijing administration continues to purchase large-scale soybeans from the USA within the framework of the annual purchase commitment of 25 million tons within the scope of the agreement reached last year.
China's state-owned agricultural companies Sinograin and COFCO have purchased more than 12 million tons of American soybeans, about half of the annual quota announced by the White House.
Beijing's tax reduction on agricultural products other than soybeans is seen as a step to meet the White House's annual commitment to purchase $17 billion in agricultural products.
The Chinese side has not yet officially confirmed its purchase target in this volume.
According to another agreement reached at the summit, China will import at least 10 million metric tons of coal annually from the USA in 2027 and 2028.
This amount corresponds to approximately 2 percent of China's annual coal imports. Liquefied natural gas (LNG) and oil were not included in the list.
China's Ministry of Commerce announced that American coal imports will support the domestic market and provide income and employment to the US coal industry. The two countries also decided to establish an agricultural working group that will meet before the end of the year.
The leaders also agreed to establish a direct communication channel for possible incidents in the field of artificial intelligence and to conduct a follow-up dialogue until the end of November.
The Chinese administration also announced that it will review and approve the permissions of foreign financial services companies, including US-funded institutions, to open branches and operate in the country. It was announced that contacts will continue to increase direct flights between the two countries.
Despite the summit decisions, there were sharp declines in Chinese stock markets on Monday.
The benchmark CSI300 index tracking Shanghai and Shenzhen stock markets fell more than 2 percent to its lowest level in a year, as investors found concrete details insufficient and a bipartisan joint initiative in the US Congress to ban Chinese components from data centers weighed on technology stocks.
