China and US agree to cut tariffs on $30 billion of goods as trade talks advance

China and the United States have reached an agreement to reduce tariffs on roughly $30 billion of goods from each side, China’s Ministry of Commerce said Monday.

Under the arrangement, duties on about 90 percent of the covered products would fall to most-favored-nation levels, the ministry said.

The two governments also agreed to extend the economic and trade arrangement reached in Kuala Lumpur, which had been due to expire on Nov. 10, 2026, through Jan. 10, 2027, while continuing discussions on a longer-term framework, an official from the ministry’s department of American and Oceanian affairs said in an online statement.

The tariff agreement was reached during the eighth round of China-US economic and trade consultations, held Sept. 20 to Sept. 23 in New York and Washington.

Both sides plan to implement the reductions at the same time after completing their respective domestic procedures, with further details to be announced later.

China and the US also said they would create a Board of Trade under their broader economic and trade consultation mechanism to support bilateral commerce. An agricultural working group would operate under the board to address two-way market access and regulatory questions, with its first meeting expected before the end of 2026.

A separate bilateral investment board would be established to discuss potential investment opportunities and obstacles, and to strengthen policy transparency and predictability.

The two countries will also continue their dialogue on artificial intelligence, with another round planned before the end of November, and will create a channel for communication about AI-related incidents.