As a follow-up measure to the economic and trade agreement endorsed during the US-China summit, China has unveiled a list of items subject to mutual tariff reductions, valued at 30 billion dollars (approx. 40.8 trillion won) for each side.

China included US agricultural products and coal among the items slated for tariff cuts, while the US included Chinese toys and home appliances.

Through its website today (the 28th), China's Ministry of Commerce announced that the US and China agreed on the "30 billion dollars for 30 billion dollars" mutual tariff reduction item lists and other details during the 8th economic and trade negotiations held in New York and Washington from the 20th to the 23rd.

According to the "eight outcome agreements" of the US-China summit released by China's Ministry of Foreign Affairs on the 26th, the leaders of both countries acknowledged the achievements of the economic and trade negotiations—such as the mutual tariff reductions amounting to 30 billion dollars and the establishment of a trade council—and agreed to implement them.

The items subject to tariff reductions on the Chinese side include US agricultural products, personal care products, medical devices, and coal.

The US side decided to lower tariffs on approximately 30 billion dollars worth of goods from China, including toys, home appliances, childcare products, kitchen and bathroom items, and holiday gift items.

Notably, over 90% of the products included in the tariff reduction list will see all additional tariffs mutually imposed by the US and China removed, leaving only the Most-Favored-Nation (MFN) tariff rates applied.

Both countries plan to simultaneously implement the tariff reduction measures after completing procedures under their respective domestic laws.

Earlier today, China's Ministry of Commerce stated in an explanatory briefing on the results of the 8th US-China economic and trade negotiations that tariffs on US coal are included in the mutual tariff reduction items.

The ministry emphasized that "this measure will help expand China's imports of US coal in 2027 and 2028," adding that "importing US coal will complement China's domestic coal market while providing stable revenue and jobs for the US coal industry."

In the agricultural sector, following an in-principle agreement reached in May by both sides to include certain agricultural products in the tariff cuts, a specific consultative body is set to be launched.

The two countries will establish an agricultural working group under the US-China Trade Council, jointly led by China's Ministry of Commerce and the Office of the United States Trade Representative (USTR), and hold its first meeting before the end of this year.

The Ministry of Commerce stated that through the working group meetings, it will continue to urge the US side to resolve China's concerns in the agricultural sector.

An in-principle agreement was also reached in the financial services sector.

China decided to review and decide on the approval of applications by foreign financial service institutions, including US financial institutions, to operate and establish branches within China in accordance with relevant laws and regulations.

China stated that it has also requested the US side to provide a fair, transparent, and stable policy environment for Chinese financial institutions.

Regarding the US-China Investment Council, the economic and trade teams of both countries agreed to hold regular dialogues on potential investment opportunities and barriers, enhance policy transparency and predictability, and address the reasonable concerns of businesses.

The two sides also exchanged views on expanding direct passenger flights between the US and China, and agreed to continue communicating regarding flight increases and related issues.

In addition, the next meeting for artificial intelligence (AI) dialogue is scheduled to be held before the end of November.

Regarding the agreement to extend the "trade truce"—originally set to end on November 10—by two months until January 10 of next year, the Ministry of Commerce emphasized that discussions on the possibility of a further extension will continue.

China's Ministry of Commerce stated, "This extension provides time to review the implementation status of existing agreements and examine how to develop future economic and trade relations," and added, "We will seek further extension plans through high-level economic and trade consultations by the end of the year."