U.S., China to lower tariffs on $60 billion of goods. Here's what qualifies

Key Points:

• The U.S. and China announced plans to reduce tariffs on $30 billion worth of goods from each country, targeting mainly U.S. imports of toys, sports equipment, and Christmas decorations, and Chinese imports of American agricultural products.
• The tariff reductions aim to address the U.S. trade deficit with China, which exceeded $202 billion last year, potentially boosting U.S. consumption and retail sales before the holiday season.
• Details on the timing and extent of the tariff cuts remain unclear, with previous tariffs having reached over 40% by the U.S. and over 30% by China.
• The announcement follows a summit between Presidents Trump and Xi Jinping and includes the establishment of a U.S.-China "Board of Trade" to facilitate ongoing negotiations and meetings.
• Businesses on both sides anticipate significant benefits; for example, a Chinese home goods seller expects a 30% sales increase in the second half of the year if tariffs are reduced.