China, US agree to $30 billion tariff cut, AI dialogue during Xi visit
China's foreign ministry said the two sides also extended outcomes from earlier talks and set November AI discussions.
China and the US have agreed to a $30 billion reciprocal tariff-reduction arrangement and to open dialogue on AI, according to China’s Ministry of Foreign Affairs, following an eight-point consensus reached during Chinese President Xi Jinping’s visit to the US. The two sides said they recognised the work of their economic teams and backed measures including a trade council, the tariff-reduction arrangement and an extension of outcomes from earlier talks in Kuala Lumpur, the ministry said.
US Treasury Secretary Scott Bessent said on Wednesday the two countries had earlier agreed to extend by two months a trade truce due to expire on November 10, giving more time to work on a potentially bigger trade deal. The leaders of the world’s two largest economies concluded a three-day summit that highlighted personal diplomacy rather than major public breakthroughs, while Chinese state media Xinhua reported on Saturday that Xi had since landed in Beijing. On artificial intelligence, the two sides agreed to set up a dialogue to discuss the technology’s risks and benefits, with the next round of discussion set for 26.
They also agreed to establish a communications channel for AI-related incidents, the ministry said. The two sides said they would back each other’s hosting of the Asia-Pacific Economic Cooperation leaders’ meeting and the Group of Twenty summit, with both leaders indicating they plan to attend the gatherings hosted by the other. On foreign policy, they said Iran should fulfil its commitment not to develop nuclear weapons, and that no country or entity should impose transit tolls on international waterways, according to the ministry. The ministry also said China and the United States fought as allies in World War Two.