China and U.S. Reach $30 Billion Reciprocal Tariff-Cut Deal

China and the U.S. have agreed on a framework to cut tariffs on roughly $30 billion of each other’s imports, with more than 90% of covered products set to revert to most-favored-nation tariff rates, China’s Commerce Ministry said Monday.

The agreement, reached during economic and trade talks in New York and Washington from Sept. 20 to 23, is among the first concrete measures under a new bilateral trade council established after the two countries’ leaders met in Beijing in May.