China announced today that it has agreed with the U.S. on a plan for a mutual reduction of tariffs totaling $30 billion and the launch of a dialogue on artificial intelligence, based on an eight-point agreement reached during President Xi Jinping’s visit to Washington.
The two sides also agreed to establish a trade council and to build on the results of previous talks in Kuala Lumpur, according to the Chinese Ministry of Foreign Affairs.
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The agreement follows an earlier decision by the world’s two largest economies to extend a trade truce—which was set to expire on November 10—for two months, allowing more time to work on a potentially broader trade agreement, U.S. Treasury Secretary Scott Bessent said on Wednesday.
The three-day summit between Xi and President Donald Trump, which concluded yesterday, highlighted personal diplomacy rather than significant public developments, Reuters reports. Xi has since returned to Beijing, the Chinese news agency Xinhua reported today.
“The historic visit enriched the constructive and stable China-U.S. relationship, confirmed the overall stability of bilateral ties, opened a new chapter in China-U.S. relations, and will have a broad impact on global peace and development,” Chinese Foreign Minister Wang Yi emphasized in a statement.
On the issue of artificial intelligence, the two sides agreed to engage in dialogue on the risks and benefits of the technology, with the next round of talks scheduled for November, and to establish a communication channel for AI-related incidents, the Chinese Foreign Ministry noted.
In addition to economic issues, they also agreed to support one another in organizing the Asia-Pacific Economic Cooperation (APEC) and the Group of 20 (G20) summit (G20), with both leaders planning to attend the meetings that each will host in their respective countries, as Trump had stated earlier in a social media post.
On the foreign policy front, the leaders agreed that Iran must honor its commitment not to develop nuclear weapons and that no country or entity should impose transit fees on international maritime routes, according to the ministry.
The U.S. Embassy in Beijing did not immediately respond to a request from Reuters for comment.
Source: Protothema.gr
