China, US agree to $30 billion tariff cut and AI dialogue during Xi visit, Beijing says
SPY•China said the United States agreed to a $30 billion reciprocal tariff-reduction arrangement and an AI dialogue under an eight-point consensus reached during President Xi Jinping’s Washington visit. The sides also agreed to establish a trade council and extend outcomes from earlier talks in Kuala Lumpur.
1. Trade arrangements
China said the two sides agreed to a $30 billion reciprocal tariff-reduction arrangement, set up a trade council and extend the outcomes of earlier talks in Kuala Lumpur. The agreement follows a two-month extension of a trade truce that had been due to expire on November 10, allowing more time to work on a potentially bigger trade deal, U.S. Treasury Secretary Scott Bessent said Wednesday.
2. AI and other issues
The sides agreed to discuss AI risks and benefits, with the next round set for November, and to establish a communication channel for AI-related incidents, the Chinese Foreign Ministry said. They also agreed to support each other’s hosting of the Asia-Pacific Economic Cooperation leaders’ meeting and the Group of 20 summit, and said Iran should fulfil its commitment not to develop nuclear weapons and that no country or entity should impose transit tolls on international waterways.
