China and the US have agreed on a $30 billion reciprocal tariff-reduction arrangement and will start a new dialogue on artificial intelligence, Beijing said on Saturday.
The agreement was part of an eight-point consensus reached during Chinese President Xi Jinping’s three-day visit to Washington, which ended on Friday.
US, China agree on tariff cuts
The tariff cuts will cover US exports such as agricultural products, wood and cosmetics. US imports from China, including small appliances, toys and decorations, will also get more favourable treatment.
“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 two countries will also create a trade council and extend the outcomes of their earlier talks in Kuala Lumpur, China’s Foreign Ministry said.
The agreement comes after Washington and Beijing recently agreed to extend their trade truce by two months. The truce was due to expire on November 10. US Treasury Secretary Scott Bessent had said the extension would give both sides more time to work towards a potentially bigger trade deal.
Xi-Trump summit focused on diplomacy
The three-day summit between Xi and US President Donald Trump ended on Friday. The meeting focused largely on personal diplomacy between the two leaders, rather than producing major public breakthroughs.
Xi has since returned to Beijing, China’s state news agency Xinhua reported on Saturday.
Chinese Foreign Minister Wang Yi described Xi’s visit as an important step in the relationship between the two countries.
“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,” Wang said.
US, China to start AI dialogue
The two countries also agreed to start a new dialogue on artificial intelligence, with the next round of talks planned for November.
The discussions will focus on both the risks and benefits of AI. Washington and Beijing will also create a communication channel to deal with incidents linked to AI.
The White House said Trump and Xi had agreed to use the term “super intelligence” instead of “artificial intelligence”.
China’s Foreign Ministry said Beijing valued Washington’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,” the ministry said.
Both sides to attend major global meetings
The US and China also agreed to support each other in hosting major Asia-Pacific and global meetings.
Both leaders are expected to attend the Asia-Pacific Economic Cooperation (APEC) leaders’ meeting and the Group of 20 (G20) summit when those gatherings are hosted by the other country.
On foreign policy, Trump and Xi agreed that Iran should fulfil its commitment not to develop nuclear weapons.
They also agreed that no country or entity should impose transit tolls on international waterways.