China and US agree to tariff cuts on $30 billion in goods and AI dialogue

Following President Xi Jinping's visit to the United States, China and the US have agreed to cut tariffs on $30 billion worth of goods and establish a dialogue on artificial intelligence, according to a White House statement. The tariff reductions will be applied to US exports like agricultural products, wood, and cosmetics, as well as US imports including small appliances, toys, and decorations, the statement noted.

During the three-day summit between President Xi and US President Donald Trump, which concluded on Friday, the two nations reached consensus on recommendations for more favorable tariff treatment for $30 billion of non-sensitive goods in each direction. The agreement also involved setting up a trade council and extending the outcomes of earlier talks in Kuala Lumpur, as reported by the Chinese Foreign Ministry.

The agreement came after both the world's largest economies extended a trade truce that was set to expire on November 10 by two months, providing more time to work on a potentially larger deal, as stated by US Treasury Secretary Scott Bessent. Chinese Foreign Minister Wang Yi emphasized that the visit strengthened the constructive and stable China-US relationship, maintained overall bilateral stability, and opened a new chapter in China-US relations, potentially impacting global peace and development.

Regarding artificial intelligence, the two sides agreed to have a dialogue on the technology's risks and benefits, with the next round of discussions scheduled for November. They also agreed to establish a communication channel for AI-related incidents. The White House noted that the leaders adopted the term "super intelligence" instead of "artificial intelligence," to which the Chinese Ministry expressed its appreciation.

As AI technology continues to evolve, the two nations should intensify exchanges and strive for consensus in line with new developments, according to the statement. Lastly, the US and China agreed to support each other in hosting the Asia-Pacific Economic Cooperation leaders' meeting and the Group of 20 summit, with both leaders planning to attend the respective gatherings hosted by the other.