China, US agree to reciprocal tariff cuts on $30B goods

China's Commerce Ministry announced a bilateral agreement with the US to reduce tariffs on approximately $30 billion worth of goods, with about 90% of covered products falling to most-favored-nation rates. This marks a significant de-escalation in the ongoing trade conflict, though the scope is limited relative to total bilateral trade. The agreement signals a potential shift toward normalization, but implementation details and broader tariff coverage remain uncertain.