Each country is cutting tariffs on $30 billion worth of products, for a total of $60 billion, according to CNBC.

Tariffs will be reduced on 77 products China sends into the U.S. China will reduce tariffs on 1,619 American products.

CNBC summarized the lists of products by noting that toys, sports equipment, and decorations for the Christmas season dominate the list of products coming to the U.S. from China.

Agricultural products take up much of the list that China will allow from the United States at lower tariffs.

Monday's announcement followed last week's meetings between President Donald Trump and Chinese President Xi Jinping.

Tariff rates on more than 90 percent of the products on the lists would be at "most-favored-nation" levels, according to the Associated Press.

That means, in general, that nation-specific tariffs are removed, leaving only standard tariffs that are charged under World Trade Organization rules.

U.S. Trade Representative Jamieson Greer said in a statement that the deal is a victory for Americans.

"As a direct result of the strong relationship between President Trump and President Xi, the United States and China, under the auspices of the new Board of Trade, have recommended $30 billion of trade in non-sensitive goods on each side that could benefit from more favorable tariff treatment in the future," he said.

"From agricultural products to medical devices, President Trump is unlocking improved market access for about 30 percent of U.S. exports to China, while benefiting consumers with imports from China of household goods, toys, and other products that the United States generally does not import from other countries," he continued.

"The Trump Administration will 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."

A White House fact sheet on trade with China said that China will import 10 million metric tons of coal from the U.S. in both 2027 and 2028.