US, China agree on $30 billion tariff cuts and AI dialogue during Xi-Trump summit
The United States and China agreed to lower tariffs on $30 billion worth of goods, covering non-sensitive products traded between the two countries.
China and the US agreed to reduce tariffs on $30 billion worth of non-sensitive goods traded between the two countries and launch an AI dialogue following the Trump-Xi summit.
The tariff reductions will apply to US exports including agricultural products, fish and seafood, logs and wood products, cosmetics and medical devices. US imports from China, including small appliances, toys and decorations, will also receive preferential tariff treatment, according to a White House statement.
“The two countries reached consensus on recommendations for more favourable tariff treatment for $30 billion of non-sensitive goods in each direction,” the White House said.
The three-day summit between Chinese President Xi Jinping and US President Donald Trump ended on Friday. The summit highlighted personal diplomacy between the two leaders, although there were no major public breakthroughs. Xi has since returned to Beijing, Chinese state news agency Xinhua reported on Saturday.
China’s Foreign Ministry said the two sides also agreed to establish a trade council and sign a memorandum of understanding on strengthening crisis communications and preventing crises between their two militaries.
The two countries had also agreed to extend their trade truce by two months. The truce had been due to expire on November 10, giving both sides more time to work toward a potentially broader trade agreement.
On artificial intelligence, the US and China agreed to hold a dialogue on the risks and benefits of the technology, with the next round of discussions scheduled for November. The two sides will also establish a communication channel for AI-related incidents, according to the Chinese Foreign Ministry and the White House.
The White House said the leaders had agreed to use the term “super intelligence” instead of “artificial intelligence.” China’s Foreign Ministry said Beijing welcomed Washington’s use of the new term and called for greater exchanges as AI technology develops.
