By Liz Lee
BEIJING, Sept 28 (Reuters) - China and the United States said they will pursue tariff cuts on $60 billion worth of goods imported from each other, including products from US corn to cosmetics, and from Chinese toys to household appliances, with some notable omissions on each side.
Under the US-China Board of Trade, both countries have each recommended $30 billion of trade in non-sensitive goods for more favourable tariff treatment, US Trade Representative Jamieson Greer said in a statement
on Sunday night.
For the United States, that was "unlocking improved market access" for about 30% of US exports to China, he said.
The reciprocal tariff reduction effort as well as an extension of a trade truce were among the key takeaways from the second summit this year between President Xi Jinping and US President Donald Trump, hosted in Washington last week.
But statements from neither side indicated the extent of tariff reductions nor any timing for implementation. USTR said the $30 billion valuation for import product lists proposed by each country were based on 2024 import data.
One of two lists from the White House showed that China planned to trim duties on a variety of US agricultural goods including corn, wheat, sorghum, meat, dairy, vegetable oils and meals. But it excluded non-seed soybeans, the biggest US agricultural export to China, which totaled $16.2 billion in 2025.
The American Soybean Association expressed disappointment at the exclusion, saying Beijing's 10% retaliatory tariff would keep Chinese purchases of US soybeans controlled by state-directed enterprises.
"Removing the tariff would improve the competitiveness of US soybeans and provide greater opportunity for private Chinese buyers," the trade group said.
Chicago Board of Trade soybean futures plunged on Monday, reflecting traders' disappointment at the announcement and the unwinding of a buildup of net long positions in soybean futures.
But Beijing will look to reduce levies on US fish and seafood, logs and wood products, cosmetics and medical devices, according to the Chinese list.
In another list were Washington's proposed reciprocal tariff cuts for Chinese consumer goods, including small appliances such as coffee makers and toasters, tableware, blankets and bed linens.
The broad category for toys, including children's bicycles, topped the US list, totaling $14.4 billion in 2024 but falling to $9.8 billion in 2025 amid Trump's higher tariffs, according to US Census Bureau data. The US list also included Chinese fireworks, artificial flowers, holiday decorations and children’s car seats.
LONGER TRADE TRUCE
China's commerce ministry said on Monday a two-month extension of a trade truce with the United States through to January 10 would provide room for both sides to evaluate their ongoing arrangement to resolve economic and trade issues, while considering how to advance on those fronts.
The extension also provides a "relatively stable and predictable policy environment" for cooperation among companies and continued active discussions.
Both sides will hold regular talks on potential investment opportunities and barriers, enhancing policy transparency and predictability, and responding to enterprises' concerns, the ministry said.
Stocks fell sharply in China on Monday, with investors having few concrete details to cheer from the leaders' summit and underlying tensions resurfacing. Major US stock indexes also fell as investors' focus shifted back to the stalemate in US-Iran talks, which sent oil prices higher.
AGRICULTURE AND COAL
China's choice of products for tariff cuts looks designed to help Beijing meet what the White House says is a $17-billion commitment to buy agricultural goods. China has already resumed large-scale buying of US soybeans under a deal struck last year to buy 25 million metric tons annually.
Both countries will set up an agriculture working group under a trade council, which will hold its first meeting before the year ends to discuss two-way market access and regulation, the commerce ministry said.
The presidential summit also yielded an agreement for China to import 10 million metric tons of coal annually from the United States in 2027 and 2028, the White House release showed. That amount roughly equals 2% of China's coal imports each year.
Liquefied natural gas and oil were not on the list.
"Importing US coal is not only a beneficial supplement to China's domestic coal market, but also brings stable economic income and employment to the US coal industry," the Chinese ministry said.
AI, FINANCIAL FIRMS AND DIRECT FLIGHTS
On artificial intelligence, both sides have agreed on a communication channel for incidents and will hold a follow-up dialogue by the end of November.
China will also examine and approve foreign financial services institutions, including those with US capital, to conduct business and open branches in China.
There will also be continued communication on increasing flights between China and the United States, the ministry statement said.
(Reporting by Liz Lee and Lewis Jackson in Beijing; Additional reporting by David Lawder in Chicago, Ben Blanchard in Taipei and Tom Westbrook in Singapore; Editing by Jacqueline Wong, Lincoln Feast and Daniel Wallis)
