U.S., China reach $30 billion tariff deal after Trump-Xi summit

• As laid out by the White House, it would also potentially lower prices on a variety of consumer goods where American shoppers have felt the pinch of inflation.

How it works: The Trump administration said China would lower its tariffs on some agricultural goods and seafood, wood products, cosmetics, and medical devices.

• The U.S. will cut tariffs on small appliances, toys, holiday decorations, and kids' car seats.

Between the lines: The White House also said China would import 10 million metric tons of U.S. coal in 2027 and again in 2028.

• The country was a top-five importer of U.S. coal until slashing imports in 2025 amid the trade war.

The intrigue: The fact sheet released by the White House was more vague on the fate of the crucial rare earth minerals that have been at the heart of the trade dispute.

• "The United States and China continue to work on U.S. concerns regarding supply chain shortages related to rare earths and other critical minerals, with the goal of ensuring shipment levels return to appropriate levels," it said,.