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

President Xi Jinping's visit to the United States resulted in the US and China agreeing to reduce tariffs on $30 billion worth of goods and initiate a dialogue on artificial intelligence. The tariff cuts will apply to US exports such as agricultural products, wood, and cosmetics, as well as US imports including small appliances, toys, and decorations, according to a White House statement.

The three-day summit between President Xi and US President Donald Trump primarily focused on diplomacy but yielded some notable breakthroughs.

The two countries reached consensus on favorable tariff treatment for $30 billion of non-sensitive goods, with the reductions benefiting a range of products. Additionally, the two sides agreed to establish a trade council and extend the outcomes of previous talks in Kuala Lumpur. This development came after both economies extended a trade truce, which had been set to expire, giving them more time to negotiate a potentially larger deal.

China's Foreign Minister Wang Yi emphasized that the historic visit strengthened the China-US relationship and promoted overall stability. The two nations also agreed to use the term "super intelligence" instead of "artificial intelligence" when discussing AI advancements. Chinese Foreign Ministry and the White House stated that the leaders intended to hold regular dialogue on AI's risks and benefits, with the next round of discussions scheduled for November, and to set up a communication channel for AI-related incidents.

On foreign policy, the leaders agreed that Iran should comply with its commitment to not developing nuclear weapons, and that no country or entity should impose transit tolls on international waterways.