China, U.S. agree to AI dialogue, tariff cuts on $30 billion in goods during Xi visit
The U.S. and China have agreed to tariff reductions on $30 billion worth of goods and established a dialogue regarding the risks and benefits of artificial intelligence. The agreement follows a summit between President Trump and President Xi.
Why it matters
This represents a significant de-escalation in trade tensions between the world's two largest economies and sets a framework for AI governance.
The tariff reductions would apply to U.S. exports such as agricultural goods, wood and cosmetics, as well as U.S. imports including small appliances, toys and decorations, a White House statement said on Friday.
"The two countries reached consensus on recommendations for more favorable tariff treatment for $30 billion of non-sensitive goods in each direction," the White House said.
The three-day summit between Xi and 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.
Trump cozying up to Xi Jinping could spell trouble for Canada, says Michael Kovrig
The two sides also agreed to set up a trade council and extend the outcomes of earlier talks in Kuala Lumpur, Malaysia, the Chinese Foreign Ministry said.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in