From farm goods to toys: US, China finalise $30 billion tariff deal
Washington and Beijing reached new trade and AI agreements after Xi Jinping's three-day US visit.
The United States and China have agreed to a $30 billion tariff deal covering a wide range of goods exchanged between the two nations. The agreement also sets up a trade council for ongoing economic discussions. A White House spokesperson said US exports, such as agricultural products, wood, and cosmetics, will receive more favorable treatment in China.
Conversely, Chinese goods like small appliances, toys, and decorations will also benefit from reduced tariffs. This follows a three-day visit by Chinese President Xi Jinping to the US, marking his first trip to Washington since 2015. The two countries previously extended their trade truce by two months, providing time to work on a broader agreement.
The visit also saw discussions on artificial intelligence, where both countries agreed to establish a dialogue on the technology's opportunities and risks. Additionally, the US and China committed to cooperating on hosting major international events, including the Asia-Pacific Economic Cooperation (APEC) leaders' meeting and the Group of 20 (G20) summit.
The agreement comes amid long-standing tensions over trade, with the US accusing China of unfair trade practices and intellectual property issues. China, in turn, retaliated with its own tariffs, leading to a cycle of escalating trade disputes.
Written by urgent.news from Hindustan Times - World News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
