U.S. and China strike trade deal for tariff cuts worth nearly $30 billion each

The United States and China released Monday reciprocal lists of products worth about $30 billion each that will see tariff cuts, in a deal expected to boost bilateral trade.The details came days after Chinese President Xi Jinping met with President Donald Trump in Washington in his first state visit to the U.S. since 2015. The U.S. had already reduced tariffs against China after Trump’s tariffs reached as high as 145% at one point last year, as tensions between the two countries eased.China’s commerce ministry said in a statement the agreement will help strengthen trade cooperation. Most country-specific tariffs practically eradicated The lists included 1,619 items of U.S. goods entering China, ranging from agricultural commodities, personal care products to timber and medical equipment. Coal from the U.S. will also be included.For Chinese goods exported to the U.S., 77 categories were covered, including fireworks, tableware, glass and wooden Christmas ornaments and soccer balls.Tariff rates on over 90% of the products would be subject to “most-favored-nation” levels, the Chinese commerce ministry said, meaning that country-specific tariffs will effectively be eliminated.U.S. Trad…