China and the United States have agreed on a reciprocal tariff reduction arrangement worth $30 billion and to launch a dialogue on artificial intelligence, according to China’s foreign ministry.
The agreement followed earlier talks in Kuala Lumpur and was reached during Chinese President Xi Jinping’s visit to Washington, according to the supplied report.
China’s foreign ministry said the two sides agreed to establish a trade council and extend the outcomes of the earlier Kuala Lumpur discussions.
The agreement allows the world’s two largest economies to extend by two months a trade truce that had been due to expire on November 10.
The report said the two countries also agreed to launch an eight-point dialogue on artificial intelligence.
The development comes amid continuing trade discussions between Washington and Beijing, with tariffs remaining a central issue in their economic relationship.
The agreement represents an extension of the existing trade arrangement while establishing another channel for discussions on AI between the two countries.
