The US and Chinese governments are discussing the possibility of mutually eliminating tariffs on $30 billion worth of goods for each side. This was announced by US Finance Minister Scott Besant.
"We've created a trade council, and we're going to look at areas and products that are non-essential that we can trade with each other duty-free," he said during a hearing of the US Senate Finance Committee.
Besant noted that such measures could affect $30 billion worth of goods for each side. "It's 30 billion dollars worth of non-essential goods: fireworks, Halloween costumes, the most common everyday items, things that we don't want to produce ourselves, but buy from them," he explained. "And these are the products they want to buy from us. Maybe seafood, energy." "And in that case, we will agree that this basket of goods will not be subject to customs duties from any side," the minister added.
China's Ministry of Commerce announced in May that China and the United States will discuss mutual tariff reductions on at least $30 billion worth of goods for each side.
