China and the United States have reached an agreement to reduce tariffs on goods worth $30 billion, as part of a broader effort to strengthen economic ties between the two nations. According to the Chinese Foreign Ministry, the two countries have agreed to arrange for a mutual reduction of tariffs on goods worth $30 billion. This move is seen as a significant step towards easing trade tensions between the two nations.
The agreement was reached during a visit by Chinese President Xi Jinping to the United States, where he and US President Joe Biden discussed a range of economic issues. The two leaders agreed on eight key points, including the tariff reduction and the launch of a dialogue on artificial intelligence. The agreement also includes the establishment of a trade council and the extension of previous agreements reached in Kuala Lumpur.
The US and China had previously agreed to extend a trade truce for two months, which was set to expire on November 10. The extension provides more time for the two nations to work on a more comprehensive trade agreement. US Treasury Secretary Scott Pisent said the agreement would allow for more time to work on a trade deal that could be more far-reaching.
The Chinese Foreign Ministry said the two nations had also agreed to launch a dialogue on artificial intelligence, with the aim of discussing the risks and benefits of the technology. The next round of talks is set to take place in November. The two nations also agreed to establish a communication channel for incidents related to artificial intelligence.
In addition to the economic agreements, the two leaders also discussed a range of international issues, including Iran's nuclear program. The Chinese Foreign Ministry said the two nations agreed that Iran should fulfill its commitment not to develop nuclear weapons. They also agreed that no country or entity should impose fees on the passage of ships through international waterways.
The agreement between China and the US has been seen as a significant step towards easing trade tensions between the two nations. The two nations have been engaged in a trade war for several months, with both sides imposing tariffs on each other's goods. The agreement is seen as a positive development for the global economy, which has been impacted by the trade tensions.
The Chinese President returned to Beijing on Saturday, after a three-day visit to the United States. The visit was seen as an opportunity for the two leaders to strengthen personal ties and discuss a range of economic and international issues. The agreement on tariff reduction and artificial intelligence is seen as a positive outcome of the visit.
Key points
- China and the US have agreed to reduce tariffs on goods worth $30 billion.
- The two nations have also agreed to launch a dialogue on artificial intelligence.
- The agreement is seen as a significant step towards easing trade tensions between the two nations.
