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China and US agree on tariff reductions for goods worth $30 billion +++ Schumer warns Trump against loosening chip export controls +++ The news blog.
The United States and China have agreed to trade sensitive products worth $30 billion without or with minimal tariffs, according to Chinese state news agency Xinhua. The deal was announced during a meeting between US President Donald Trump and Chinese President Xi Jinping. The specific products involved have not been disclosed yet, but US Trade Representative Jamie Schultz Greer mentioned US agricultural products, medical devices, and Chinese consumer goods as potential examples.
The agreement also extends the existing trade truce, which currently includes temporary tariff reductions and the export of rare earths, with an unspecified duration. Both countries also plan to establish a dialogue on artificial intelligence (AI) and an emergency channel for AI incidents to discuss risks and benefits. The next AI dialogue is scheduled for November.
Additionally, China and the US agreed during the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen and the G20 summit in Florida to attend future meetings. The US government intends to disclose details of the limited trade agreements with China on Monday, but the specifics of the products, tariff changes, and the effective date are yet to be revealed.
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