Trump and Xi Strike a $30 Billion-for-$30 Billion Tariff Cut Deal

The U.S. and China on September 28, 2026 released lists of goods recommended for reduced tariffs under a "30-for-30" framework agreed after Trump and Xi Jinping's summit the previous week. Each country would allow roughly $30 billion of "non-sensitive" imports from the other at lower rates, covering 77 Chinese goods — including microwave ovens, fish hooks and artificial flowers — and more than 1,600 U.S. products, from poultry and dairy to peanuts and horses. Trade Representative Jamieson Greer said the deal would improve market access for about 30% of U.S. exports to China; China's Commerce Ministry called it a step toward stabilizing trade and confirmed Beijing's commitment to buy 20 million metric tons of American coal.

The agreement follows a year of sharply declining U.S.-China trade — two-way trade fell 25% in 2025 to $495 billion — driven largely by tariffs the administration made central to its trade policy. Analysts noted the listed goods are a small share of overall trade flows and unlikely to move inflation meaningfully.

Trump and Xi are expected to meet again at the APEC summit in Shenzhen in November and the G20 gathering in Miami in December, where further tariff commitments could follow.