China and the US have agreed to cut tariffs on $60 billion of goods, from US corn to Chinese toys, and extended their trade truce by two months.

The deal came out of last week’s Washington summit between President Xi Jinping and US President Donald Trump. US Trade Representative Jamieson Greer detailed it in a statement on Sunday.

Under a body called the US-China Board of Trade, each side has picked $30 billion of non-sensitive goods for friendlier tariff treatment.

Greer said this improves access to China for about 30% of US exports. China’s list, issued by its Commerce Ministry on Monday, covers US farm products such as corn, wheat, sorghum, meat, dairy and vegetable oils.

It also names fish, seafood, logs, wood products, cosmetics and medical devices. Soybeans, China’s biggest US farm import, are not on it.

Washington’s list covers everyday items from China, including coffee makers, toasters, tableware, blankets and bed linen.

Toys, fireworks, artificial flowers, holiday lights and children’s car seats are on it as well. The trade truce also gets more time.

China’s Commerce Ministry said the two-month extension, through 10 January, gives both sides room to review how the arrangement is working.

It called this a ‘relatively stable and predictable policy environment’ for companies.

China has already restarted large-scale buying of US soybeans under last year’s deal, which calls for 25 million metric tons a year.

The White House says Beijing has also committed to $17 billion of farm purchases.

China will import 10 million metric tons of US coal a year in 2027 and 2028, the White House said.

That is about 2% of China’s yearly coal imports. Oil and liquefied natural gas were not included.

The two sides will also set up a channel to report AI-related incidents and hold another dialogue by the end of November.

China will review applications from foreign financial firms, including those with US capital, to do business and open branches.

The reports on the deal do not say when the lower tariffs begin.

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