US and China Agree to Lower Tariffs on $60 Billion of Goods

The United States and China have agreed to lower tariffs on approximately $60 billion worth of goods traded between the two countries, according to a report from CNBC.

On the US side, the list of goods qualifying for reduced tariffs included imports such as toys, sports equipment and Christmas decorations, the report said.

Chinese imports covered by the agreement included US farm products, according to CNBC, though the report did not specify which particular agricultural goods were included or the exact tariff rates being reduced.

The move follows a period of trade tension between the world's two largest economies, with tariff negotiations between Washington and Beijing having been a recurring feature of the bilateral economic relationship in recent years.

The report did not detail when the reduced tariffs would take effect or whether the agreement includes provisions for further rounds of tariff reductions.