US-China agree $60B tariff cuts on consumer goods; rare earths unresolved

The U.S. and China have agreed to reduce tariffs on $60 billion worth of consumer goods, including dolls and fireworks, marking a partial de-escalation in trade tensions. However, rare earths remain a sticking point, and no progress was made on AI, Iran, or Taiwan. The agreement is a modest step forward but leaves core strategic disputes unresolved.