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The United States and China have reached an agreement to reduce tariffs on each other's imports by approximately $30 billion, following a summit between Presidents Donald Trump and Xi Jinping in Washington. The understandings include lowering tariffs on goods such as fireworks, household products, sports equipment, meats, and seafood, with expectations that tariffs on about 90% of these products will be reduced to the most-favored-nation rates. Additionally, China has agreed to import at least 10 million tons of American coal in 2027 and 2028. These measures are expected to strengthen trade and economic stability between the two countries, as well as establish a trade council and an agricultural working group to discuss investment obstacles. The trade truce has been extended until January 2027, with ongoing exchanges and parallel understandings in the fields of technology, energy, and financial services, aiming to improve trade relations and ease tensions between the world's two largest economies.
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