China, US agree to US$30 billion tariff cut

The Foreign Ministry said China and the US have agreed to a US$30 billion reciprocal tariff-reduction arrangement and to launch a dialogue on AI, under an eight-point consensus reached during President Xi Jinping's ⁠visit to the United States. The two sides recognised the work of their economic teams and endorsed steps including the establishment of a trade council, the tariff-reduction arrangement and an extension of outcomes from earlier talks in Kuala Lumpur, the ministry said. The US and China had earlier agreed to extend ⁠by two months a trade truce that was due ⁠to expire on November ⁠10, allowing more time to work on a potentially bigger trade deal. On artificial intelligence, the ministry noted that the two sides agreed to establish a dialogue to discuss the technology's risks and benefits, with the next round of discussion set for November. (Xinhua/Reuters) Edited by Azam Khan