00:00It's Benzinga, bringing Wall Street to Main Street.
00:02China and the United States agreed to cut tariffs on $60 billion worth of goods imported from each
00:07other, covering products ranging from U.S. agricultural goods to Chinese household
00:12appliances and toys, according to Reuters. Under the U.S.-China Board of Trade, each country
00:17recommended $30 billion of non-sensitive trade for more favorable tariff treatment.
00:22U.S. Trade Representative Jameson Greer said the agreement would improve market access
00:27for about 30 percent of U.S. exports to China. The reciprocal tariff reductions and an extension
00:33of a trade truce followed last week's summit between Xi Jinping and Trump in Washington.
00:38China plans to trim duties on U.S. corn, wheat, sorghum, meat, dairy, seafood, cosmetics and
00:46medical devices, among other products. Soybeans were excluded. China said extending its trade
00:53truce with the U.S. through January 10th would give both sides more time to assess ongoing talks
00:58while providing a stable environment for business cooperation. For all things money, visit Benzinga.com.
