U.S. Trade Representative Jamieson Greer told CNBC on Friday that the United States and China have reached agreements covering a subset of goods that can be traded on more favorable terms. The products mentioned include U.S. agricultural products and medical devices, as well as Chinese consumer goods deemed non‑sensitive. Greer said the Trump administration plans to release "a lot more details" on Monday about what the two sides have accomplished in negotiations over the past several weeks.
The goal of the talks, conducted under the newly established Board of Trade mechanism, is to carve out areas of trade that could remain insulated from future tariff measures or broader trade disputes. Greer emphasized that national‑security export controls, particularly those on advanced semiconductors, are excluded from the negotiations and remain off the table.
He also noted that the broader trade truce between Washington and Beijing, originally set to expire on November 10, has been extended by two months through January 10 of next year. Greer described the extension as a "compliance period" to assess whether China is fulfilling earlier commitments, including purchases of U.S. soybeans and access to rare earths needed by American manufacturers.
Regarding trade flows, Greer said the U.S. goods trade deficit with China has fallen nearly 40%, from roughly $300 billion at the start of the current administration to about $140 billion this year. He attributed the shift partly to companies diversifying supply chains away from China in response to higher U.S. tariffs, with some trade moving to Mexico and European markets. U.S. imports from Mexico reached a record $60.6 billion in July, and the seasonally adjusted goods deficit with Mexico increased by $7.2 billion that month to $27.5 billion, according to the Census Bureau.
On agricultural commitments, Greer said China is on track to meet its pledge to purchase 25 million metric tons of U.S. soybeans annually, with nearly 10 million tons confirmed by September 10. The broader pledge to import $17 billion annually in other U.S. farm goods remains uncertain, as corn purchases for the current season have not yet occurred and sorghum purchases have lagged expectations.
Tariffs on Chinese imports remain in place, ranging from 25% to 45% for most products, with some items facing duties as high as 100%. Greer specifically cited a 100% tariff on Chinese electric vehicles, which he said has encouraged Chinese automakers to target markets in Europe and elsewhere.
The upcoming Monday announcement is expected to clarify which non‑sensitive items will be placed under separate management, what tariff adjustments have been agreed upon, and how the framework will operate alongside the extended truce.
