The agreement follows Chinese President Xi Jinping’s state visit to the US on 25 September and is aimed at reducing tariffs on selected goods traded between the world’s two largest economies. Under the initiative, dubbed “30-FOR-30”, the two countries intend to negotiate separate lists of products that could qualify for lower import tariffs. Each list is expected to cover trade worth approximately US$30 billion.
For the US cattle and leather industries, however, the proposed Chinese list offers a mixed picture. Some cattle-related products, including beef, have been recommended for inclusion among US goods that could face lower tariffs when entering China. Cattle hides, an important raw material for the global leather industry, have not been included. This means that, based on the current proposal, US hide exporters would not benefit from the tariff reductions being discussed under the initiative.
The two countries are also moving ahead with plans for a new US-China Board of Trade. US President Donald Trump and Chinese President Xi Jinping announced the body during meetings in Beijing in May.Both sides have now outlined further details concerning the board, including its mission, composition and leadership as well as its responsibilities and the schedule for future meetings.
The board is intended to provide a new framework for bilateral trade discussions as Washington and Beijing explore opportunities to reduce trade barriers for selected products.
