China's Ministry of Commerce published a $30 billion reciprocal tariff-reduction list on October 28 under a framework in which more than 90% of covered products will be exempt from mutually imposed additional tariffs and most-favored-nation treatment restored, Xinhua and trade media reported.
The US side will cut tariffs on about $30 billion of imports from China including toys, home appliances, baby products, kitchen and bath goods and festive items, while China will cut tariffs on about $30 billion of US imports including corn, wheat, sorghum, soybean oil and meal, meat and dairy, personal-care products, medical devices and coal; the two sides also extended their Kuala Lumpur consultation arrangement to January 10, 2027 and established a China-US trade council.
On the macro side, China's exports rose 16.4% in the first three quarters, with third-quarter exports surpassing 8 trillion yuan for the first time and electromechanical products up 23.7%, as trade structure tilts toward ASEAN, the Middle East and Latin America.
For Yiwu, Christmas-goods exports to Latin America, the EU and ASEAN together accounted for 67.9% of the category, and the tariff relief has already triggered a wave of festive-product reordering from US-bound buyers.
Source: Ministry of Commerce / Xinhua / export daily (paraphrased and translated from Chinese official and financial media; reprinted for informational purposes with attribution).
