US and China agree to cut tariffs on $30 billion in goods

The agreement reduces tariffs on $30 billion in bilateral trade and extends the Busan truce through January 10, 2027. U.S. exporters gain access to Chinese markets for agricultural products, seafood, and medical devices; Chinese manufacturers receive preferential rates on consumer goods and appliances sold to the U.S. This follows escalation from peak tariffs of 145% (U.S.) and 125% (China) in spring 2025. The newly established U.S.-China Board of Trade will manage future negotiations and disputes. Observable effects include implementation timelines for tariff adjustments and monitoring of the extended truce framework.