China, US agree to $30 billion tariff cut, AI dialogue during Xi visit, China foreign ministry says

China and the U.S. have agreed to a $30 billion reciprocal tariff-reduction arrangement and to launch dialogue on AI, under an eight-point consensus reached during Chinese President ‌Xi Jinping's visit to the U.S., China's Ministry of Foreign Affairs said.

The two sides recognised the work of their economic teams and endorsed steps including the establishment of a trade council, the tariff-reduction arrangement and an extension of outcomes from earlier talks in Kuala Lumpur, the ⁠ministry said.

The United States and China had earlier agreed to extend by two months a trade truce that was due to expire on November 10, allowing more time to work on a potentially bigger trade deal, U.S. Treasury Secretary Scott Bessent said on Wednesday.

The leaders of the world's two largest economies ended a three-day summit that showcased personal diplomacy rather than big public breakthroughs. Xi has since landed in Beijing, Chinese state media Xinhua reported on Saturday.

On ‌artificial ⁠intelligence, the two sides agreed to establish a dialogue to discuss the technology's risks and benefits, with the next round of discussion set for November, and to set up a communication channel for AI-related incidents, according to the ministry.

They also agreed ⁠to support each other in hosting the Asia-Pacific Economic Cooperation leaders' meeting and the Group of Twenty summit, with both leaders signalling their intention to attend the gatherings ⁠hosted by the other.

On foreign policy, the leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons, and that no country ⁠or entity should impose transit tolls on international waterways, the ministry said. They also recalled that China and the United States fought as allies in World War Two.

Reuters