China and the United States have agreed on a reciprocal arrangement to reduce tariffs by $30 billion and launch a dialogue on artificial intelligence, as part of an eight-point consensus reached during Chinese President Xi Jinping’s visit to the United States.
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China’s Foreign Ministry said the two sides praised the work of their economic teams and endorsed several measures, including the establishment of a trade council, the tariff-reduction arrangement and an extension of the outcomes of previous talks held in Kuala Lumpur.
The United States and China had earlier agreed to extend a two-month trade truce, which had been due to expire on November 10. U.S. Treasury Secretary Scott Bessent said Wednesday that the extension would provide more time to work toward a potentially broader trade agreement.
The leaders of the world’s two largest economies concluded a three-day summit that focused more on personal diplomacy than on securing a major announced breakthrough. China’s official Xinhua News Agency reported Saturday that Xi had returned to Beijing.
On artificial intelligence, the ministry said the two sides agreed to launch a dialogue addressing the technology’s risks and benefits. The next round of discussions is scheduled for November, while the countries will also establish a communication channel for AI-related incidents.
The two sides also agreed to support each other in hosting the Asia-Pacific Economic Cooperation (APEC) leaders’ meeting in China and the G20 summit in the United States. The two leaders expressed their intention to attend events hosted by the other country.
On foreign policy, the ministry said the two leaders agreed that Iran should honor its commitment not to develop nuclear weapons and that no country or entity should impose fees on the passage of international waterways. They also recalled the period when China and the United States were allies during World War II.
Source: Reuters
