- The US and China agreed to cut tariffs on $30 billion worth of goods each way
- Tariff cuts cover US agricultural goods and Chinese small appliances and toys
- Both nations plan to hold AI discussions and establish a communication channel
The United States and China have agreed to cut tariffs on goods worth $30 billion and initiate a discussion on AI following Chinese President Xi Jinping's three-day visit to Washington.
As part of the agreement, tariffs on American exports such as agricultural goods, wood, and cosmetics, as well as Chinese exports to US, including small appliances, toys, and decorations, were to be cut, according to a White House statement.
"The two countries reached consensus on recommendations for more favorable tariff treatment for $30 billion of non-sensitive goods in each direction," the White House underlined.
The summit between Xi and President Donald Trump was built more around a show of personal diplomacy, in lieu of big public breakthroughs. The visit ended on Friday, with the Chinese President now back in Beijing, according to Chinese state news agency Xinhua.
The two economic giants also agreed to establish a trade council and build on the outcomes of earlier talks in Kuala Lumpur, the Chinese Foreign Ministry said. The agreement comes after a move by both sides to extend by two months a trade truce that had been due to expire on November 10.
The decision will allow for more time to work on a potentially bigger trade deal, US Treasury Secretary Scott Bessent had said on Wednesday.
"This historic visit enriched the constructive and stable China-US relationship, upheld the overall stability of bilateral ties, opened a new chapter in China-US relations, and will have a far-reaching impact on world peace and development," Chinese Foreign Minister Wang Yi outlined in a statement.
On matters of AI, China and the United States have decided to conduct a discussion surrounding the technology's risks and benefits and set up a communication channel for AI-linked incidents. The next round of discussions is set for November, the Chinese Foreign Ministry and the White House announced.
Additionally, officials of both countries have decided to use the term 'super intelligence' in place of 'artificial intelligence'.
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