US and China Agree to Reduce Tariffs on $30B in Goods

The United States and China reached an agreement to cut reciprocal tariffs on $30 billion worth of non-sensitive goods traded in each direction. The measure aims to ease trade frictions, offering a sentiment boost for equities including the S&P 500. The deal followed a three-day Washington summit between President Donald Trump and President Xi Jinping, negotiated via the newly established U.S.-China Board of Trade. Relief covers U.S. agricultural, seafood, timber, cosmetic, and medical device exports, in exchange for lower rates on Chinese toys, small appliances, holiday decorations, and car seats.