China and U.S. Advance Reciprocal Tariff Cut Deal

China and the United States are moving forward with reciprocal tariff cuts.

The deal covers about $30 billion worth of imports on each side.

China's Ministry of Commerce announced that both sides maintain close communication.

They are working to complete necessary domestic legal procedures.

Over 90 percent of specified goods will be exempt from extra tariffs.

These items will also receive most-favored-nation tariff treatment.

This agreement aims to reduce barriers in international supply chains.

Source: Xinhua News Agency.