The United States and China have agreed to cut tariffs on $60 billion worth of goods, the White House announced late Sunday. It is the latest step to stabilise the economic relationship after last week’s Trump-Xi summit in Washington.

Under a “30-for-30” framework, each country will import $30 billion of non-sensitive goods from the other at reduced tariff rates. The US list covers 1,619 categories, including corn, wheat, meat, seafood, wood products, cosmetics and medical equipment.

Notably, soybeans were left off China’s list — a blow to American farmers. China will, however, import at least 10 million metric tons of US coal in 2027 and again in 2028. Its own list covers toys, household goods and decorations.

US Trade Representative Jamieson Greer said the deal improves market access for about 30 per cent of US exports to China. The broader trade truce was extended to January 10.

Neither side said exactly how much tariffs would fall or when the cuts take effect. Analysts cautioned that previous purchase commitments have not always been met in full.