{"text":[[{"start":0,"text":"The US and China have agreed to create a lower tariff regime covering $60bn in trade in non-sensitive goods from electric shavers to camels, in an effort to inject some stability into relations between the powers."}],[{"start":0,"text":"The US trade representative and Chinese commerce ministry said the so-called 30-for-30 framework by a board of trade would allow each country to import $30bn of goods from the other at lower tariff rates."}],[{"start":39.854,"text":"The announcement late on Sunday came two days after President Donald Trump hosted his Chinese counterpart Xi Jinping for a state visit to Washington."}],[{"start":48.24,"text":"“As a direct result of the strong relationship between President Trump and President Xi, the US and China . . . have recommended $30bn of trade in non-sensitive goods on each side that could benefit from more favourable tariff treatment in the future,” US trade representative Jamieson Greer said."}],[{"start":66.295,"text":"Greer said the US would continue “to pursue fair, balanced and reciprocal trade with China by ensuring compliance with commitments on agricultural and energy purchases, pursuing balanced trade in non-sensitive goods and securing market access for American farmers, manufacturers, businesses and workers”."}],[{"start":83.92,"text":"The Chinese commerce ministry said the mechanism would help “maintain stability” in economic relations and create “favourable conditions” for the export of some Chinese products to the US."}],[{"start":95.109,"text":"The Chinese list of US products that will receive favourable treatment covers 1,619 items, including many agricultural products such as chilled foie gras, rabbit hair and camels as well as whales and dolphins for breeding. It also includes many coal-based products and medical devices used for ultrasounds."}],[{"start":115.446,"text":"The US list of Chinese imports has 77 items ranging from child seats and electric shavers to fishhooks and clay pigeons for shooting."}],[{"start":123.04,"text":"The agreement comes as the two sides agreed ahead of Xi’s visit to extend their year-long tariff war ceasefire by two months to January 10."}],[{"start":131.579,"text":"Following Xi’s three-day visit to Washington, the leaders are expected to meet again twice this year, at the Asia-Pacific Economic Cooperation forum in Shenzhen in November and at the G20 in Miami in December."}],[{"start":144.48,"text":"Trump is focused on continuing to reduce the US trade deficit with China. Greer said the US deficit had declined by roughly 40 per cent since Trump returned to the White House in January 2025 to $140bn. According to the US Census Bureau, the US trade deficit with China for 2024 — just before the start of Trump’s second term — was $297bn."}],[{"start":167.2,"text":"Differences also remain between the superpowers in other areas, namely access to rare earths. Washington wants Beijing to accelerate the flow of rare earths to the US and its allies, including Japan, to which China has curbed exports."}],[{"start":182.492,"text":"The US had opposed China’s proposal for a much longer extension to the trade truce, which Trump and Xi struck when they met last year in Busan, South Korea, because it believes Beijing is not fully complying with its terms, particularly over rare earths."}],[{"start":196.387,"text":"A senior US official this week told the FT that China was fulfilling two-thirds of its pledge on rare earths."}],[{"start":202.509,"text":"On Friday, the White House released a factsheet that said the two sides “continue to work on US concerns” about supply chain shortages related to rare earths and critical minerals."}],[{"start":212.305,"text":"Greer told Fox News on Sunday that the US viewed the two-month extension as a “compliance period” to test whether China would live up to its commitments."}],[{"start":224.4,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790577907_8412.mp3"}