In brief
- The US and China agreed to cut tariffs on $42.6 billion worth of goods and establish a new trade council.
- The two countries will also launch formal AI talks, including a channel to manage AI-related incidents.
The United States and China have agreed to reduce tariffs on US$30 billion ($42.63 billion) of goods and launch a dialogue on AI, both countries said following President Xi Jinping's visit to Washington.
The tariff reductions would apply to US exports such as agricultural goods, wood, and cosmetics, as well as US imports, including small appliances, toys, and decorations, a White House statement said on Friday, local time.
"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 Xi and US President Donald Trump, which ended on Friday, showcased personal diplomacy rather than big public breakthroughs. Xi has since landed in Beijing, Chinese state news agency Xinhua reported on Saturday.
The two sides also agreed to establish a trade council and to extend the outcomes of earlier talks in Kuala Lumpur, the Chinese foreign ministry said.
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The agreement follows a move by the world's two largest economies to extend by two months a trade truce that had been due to expire on 10 November, allowing more time to work on a potentially bigger trade deal, US treasury secretary Scott Bessent said on Wednesday.
"This historic visit enriched the constructive and stable China-US relationship, upheld the overall stability of bilateral ties, opened a new chapter in China-US relations, and will have a far-reaching impact on world peace and development," Chinese foreign minister Wang Yi said in a statement.
Dialogue on AI
On artificial intelligence, the two sides agreed to hold a dialogue on the technology's risks and benefits, with the next round of discussions set for November, and to set up a communication channel for AI-related incidents, the Chinese Foreign Ministry and the White House said.
The White House said that the leaders had agreed to use the term "super intelligence" in place of "artificial intelligence".
In a separate statement, the Chinese ministry said it valued the US's use of the new term.
As AI technology continues to advance, the two sides should step up exchanges and work toward consensus in line with new developments, it said.
The two sides also agreed to support each other in hosting the Asia-Pacific Economic Cooperation leaders' meeting and the Group of 20 summit, with both leaders planning to attend the other's gathering.
On foreign policy, the leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons, and that no country or entity should impose transit tolls on international waterways, both countries said.
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