US And China Agree To Slash Thirty Billion Dollars In Tariffs And Launch AI Talks
The United States and China have agreed to initiate mutual tariff reductions amounting to approximately 30 billion dollars and establish a dedicated dialogue framework on artificial intelligence technology. The understanding was reached as part of an eight-point consensus forged during Chinese President Xi Jinping’s high-profile visit to Washington, according to announcements from China's Ministry of Foreign Affairs.
The diplomatic developments follow a decision by the world's two largest economies to extend their ongoing trade truce by an additional two months, moving the expiration date past the originally slated mid-November timeline. US Treasury Secretary Scott Bessent noted that the extension provides both nations with crucial runway to prepare for a potentially comprehensive trade agreement. State media outlet Xinhua reported that the three-day summit between President Xi and US President Donald Trump prioritized personal rapport and strategic communication over the signing of major formal accords.
Chinese Foreign Minister Wang Yi stated that President Xi’s visit has injected greater stability and constructiveness into bilateral ties, marking the dawn of a new chapter in Sino-US relations while maintaining overall equilibrium. Beyond commerce, the two superpowers aligned on several key foreign policy imperatives, including enforcing Iran's commitment to refrain from developing nuclear weapons and adhering to a policy against imposing tariffs on vessels or parties utilizing international waterways.
As part of their technological engagement, Washington and Beijing are scheduled to convene in November to address the opportunities and inherent risks associated with artificial intelligence. The two governments have also resolved to maintain regular communication channels through a newly designated special mechanism to foster technological cooperation and build mutual understanding amidst rapid advancements in the sector. Additionally, both sides committed to forming a bilateral trade council and advancing the implementation of agreements previously reached during discussions in Kuala Lumpur.
