The United States and China have announced an agreement to lower tariffs on goods worth $30 billion and initiate a dialogue on artificial intelligence. This agreement was reached during a three-day visit by Chinese President Xi Jinping to Washington. The deal includes reducing tariffs on US exports such as agricultural products, wood, and cosmetics, as well as Chinese imports like household appliances, toys, and decorative materials.
According to a White House statement, the two countries have reached a consensus on recommendations to apply more favorable customs treatment to "non-sensitive" goods worth $30 billion in both directions. This development is seen as a significant step towards easing trade tensions between the world's two largest economies. The agreement also includes the establishment of a trade council and builds on previous discussions held in Kuala Lumpur.
The summit between US President Donald Trump and Chinese President Xi Jinping concluded on Friday, with a focus on personal diplomacy rather than achieving major public breakthroughs. The two leaders discussed various issues, including trade, security, and climate change. The agreement on tariffs and artificial intelligence dialogue is seen as a positive outcome of the summit.
China and the US have also agreed to support each other in hosting meetings of the Asia-Pacific Economic Cooperation (APEC) leaders and the G20 summit. The two countries will work together to promote free and open trade, and to address global economic challenges. This cooperation is expected to have a positive impact on the global economy.
On artificial intelligence, the two countries have agreed to conduct a dialogue on the risks and benefits of this technology. The next round of discussions is scheduled for November, and a communication channel will be established to handle incidents related to artificial intelligence. The US and China will also work together to promote the development of artificial intelligence.
The Chinese Ministry of Foreign Affairs stated that the visit has had a positive impact on China-US relations, promoting stability and opening a new chapter in bilateral ties. The ministry also noted that the two countries will continue to work together on global issues, including security, climate change, and economic development.
The agreement between China and the US has been seen as a positive development in global trade. The two countries have agreed to extend a trade truce for two more months, allowing more time to work on a comprehensive trade agreement. The US Treasury Secretary, Steven Mnuchin, welcomed the agreement, saying it would help to promote economic growth and stability.
Key points
- China and the US have agreed to reduce tariffs on $30 billion worth of goods.
- The two countries will engage in a dialogue on artificial intelligence.
- The agreement is seen as a positive development in global trade, promoting stability and economic growth.
