China, U.S. agree to $30 billion tariff cut, launch AI dialogue - finance.yahoo.com
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Investing.com -- China and the U.S. have agreed to a $30 billion reciprocal tariff-reduction arrangement and to launch dialogue on AI, under an eight-point consensus reached during Chinese President Xi Jinping's visit to the U.S., China's foreign ministry said on Saturday.
Xi visited the United States from Sept. 23 to 25, with the two sides also agreeing to extend the outcomes of previous economic and trade consultations and establish a Board of Trade and other mechanisms, the ministry said.
Both governments endorsed the work of their economic teams and agreed to establish a bilateral trade council. They also backed an extension of agreements reached during earlier negotiations in Kuala Lumpur.
Washington and Beijing had previously agreed to extend their existing trade truce by two months from its November 10 expiry, providing more time for negotiations over a broader economic agreement.
The three-day Trump-Xi summit concluded Friday after discussions covering trade, technology and foreign policy. Xi has since returned to Beijing, according to Chinese state media.
Under the AI agreement, the two sides will exchange views on the risks and benefits of artificial intelligence, with the next dialogue scheduled for November. They will also establish a bilateral communication channel for AI-related incidents.
The agreement comes as AI technology remains a major area of economic competition between the two countries, alongside semiconductors and other advanced technologies.
The two sides further agreed that Iran should honour its commitment not to develop nuclear weapons and said no country or institution should be allowed to impose tolls on international waterways.
The two governments also agreed to support each other's hosting of major international gatherings. China and the U.S. are set to host the Asia-Pacific Economic Cooperation leaders' meeting and Group of Twenty summit, with Trump and Xi signalling plans to attend events hosted by the other country.
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