China announced on Saturday that it has reached an agreement with the United States on a reciprocal tariff reduction worth $30 billion. This arrangement was part of an eight-point consensus established during President Xi Jinping’s visit to Washington.
In addition to the tariff deal, both countries agreed to initiate a dialogue on artificial intelligence (AI) and to establish a trade council aimed at advancing their economic relationship. They also committed to extending the outcomes of previous discussions held in Kuala Lumpur.
This agreement follows a recent extension of a trade truce between the two largest global economies, which was prolonged by two months beyond its original November 10 expiration date. This extension provides additional time to negotiate a more comprehensive trade deal, as noted by US Treasury Secretary Scott Bessent earlier this week.
The three-day summit between President Xi and President Donald Trump, which concluded on Friday, emphasized personal diplomacy over major public announcements. President Xi has since returned to Beijing.
Chinese Foreign Minister Wang Yi described the visit as historic, stating it strengthened the constructive and stable relationship between China and the US, maintained overall bilateral stability, and opened a new chapter in their relations. He added that the visit will have a lasting impact on global peace and development.
Regarding AI, the two nations agreed to hold discussions on the technology’s risks and benefits, with the next round scheduled for November. They also plan to establish a communication channel to address AI-related incidents. The Chinese Foreign Ministry expressed appreciation for the US’s preference for the term “super intelligence” over “artificial intelligence,” emphasizing the need for ongoing exchanges and consensus-building as AI technology evolves.
Furthermore, both sides pledged mutual support for hosting upcoming international events, including the Asia-Pacific Economic Cooperation (APEC) leaders’ meeting and the Group of 20 (G20) summit, with both leaders intending to attend the other’s hosted gathering.
On foreign policy matters, the leaders concurred that Iran must adhere to its commitment not to develop nuclear weapons. They also agreed that no country or entity should impose transit fees on international waterways, reinforcing principles of free navigation.
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