China, US agree to $30 billion tariff cut, AI dialogue following Xi-Trump summit in Washington

China and the United States have reached an agreement to cut $30 billion in tariffs, as well as initiate a dialogue on artificial intelligence, following a meeting between Chinese President Xi Jinping and US President Donald Trump, according to China's Ministry of Foreign Affairs. The two nations outlined their commitment to economic cooperation, endorsing a trade council, the reduction in tariffs, and extending the outcomes from previous discussions held in Kuala Lumpur.

The United States and China had previously agreed to extend a trade truce for an additional two months, providing more time to negotiate a potentially more substantial trade deal, as stated by US Treasury Secretary Scott Bessent. The leaders of the world's two largest economies concluded a three-day summit, focusing on personal diplomacy rather than significant public breakthroughs. Xi Jinping subsequently returned to Beijing, as reported by Chinese state media Xinhua on Saturday.

In the realm of artificial intelligence, both countries agreed to establish a dialogue to examine the technology's advantages and challenges, with the next round of discussions planned for November. Additionally, they decided to create a communication channel for addressing AI-related incidents, according to the ministry. The leaders also agreed to support each other in hosting significant international gatherings, such as the Asia-Pacific Economic Cooperation leaders' meeting and the Group of Twenty summit, with both expressing their intention to attend the events hosted by the other party.

On foreign policy matters, the leaders emphasized that Iran should fulfill its commitment not to develop nuclear weapons and stressed that no country or entity should impose transit tolls on international waterways. They also acknowledged that China and the United States fought together as allies during World War Two.