China and the US agreed to reduce trade tariffs by $30 billion: the parties will begin dialogue on AI
The agreement was concluded within the framework of an eight-point consensus reached following the three-day visit of the PRC Chairman to Washington.
China and the US reached an agreement to reduce mutual tariffs by 30 billion dollars and to begin dialogue on artificial intelligence. Reuters reported this, citing the Chinese Ministry of Foreign Affairs.
The agreement was reached within the framework of an eight-point consensus during the visit of PRC President Xi Jinping to Washington. The parties also agreed to establish a trade council and to continue the results of previous negotiations in Kuala Lumpur.
Earlier, China and the US extended the trade truce, which was supposed to end on November 10, by another two months. According to US Treasury Secretary Scott Bessent, this provides additional time to develop a larger trade agreement.
The three-day summit between Xi Jinping and US President Donald Trump concluded on Friday. After the summit, Xi Jinping returned to Beijing.
The Chinese Ministry of Foreign Affairs also stated the need to strengthen exchanges between the two countries on artificial intelligence technologies and to reach a common agreement based on new technological changes.
The parties also agreed to support each other in hosting the Asia-Pacific Economic Cooperation (APEC) leaders' meeting and the G20 summit. The leaders of both countries plan to participate in these events hosted by the other side.
On foreign policy issues, the parties agreed that Iran must fulfill its obligation not to develop nuclear weapons. It was also noted that no state or organization should introduce transit fees on international waterways.
