What happened
The United States and China have reached a new trade agreement worth $60 billion. This deal comes after the announcement of an extension to the trade-war truce. According to the Office of the U.S. Trade Representative, the agreement includes $30 billion in trade for non-sensitive goods from each country that could receive more favorable tariff treatment.
Items from China that will have reduced duties include textile goods, certain consumer electronics, and car seats. In return, the US will export medical components and coal-based products to China with reduced duties. The agreement follows a state visit by President Xi Jinping to Washington and the extension of the trade-deal truce until January 10.
A new US-China Board of Trade, comprising officials from both countries, will oversee the implementation of the deal. The Board of Trade is a result of the strong relationship between the two countries and aims to facilitate smoother trade relations.
