US, China agree to $30 billion tariff cut during Trump-Xi summit in Washington

SHANGHAI - China said on Saturday it had agreed with the US on a $30 billion reciprocal tariff-reduction arrangement and on launching a dialogue on AI, under an eight-point consensus reached during President Xi Jinping's visit to Washington.

The two sides have also agreed to set up a trade council and extend the outcomes of earlier talks in Kuala Lumpur, the Chinese Foreign Ministry said.

The agreement follows an earlier move by the world's two largest economies to extend by two months a trade truce that had been due to expire on November 10, allowing more time to work on ‌a potentially bigger trade deal, US Treasury Secretary Scott Bessent said on Wednesday.

The three-day summit between Xi and President Donald Trump, which ended on Friday, showcased personal diplomacy rather than big public breakthroughs. Xi has since landed in Beijing, Chinese state news agency Xinhua reported on Saturday.

On artificial intelligence, the two sides agreed to hold a dialogue on the technology's risks and benefits, with the next round of discussions set for November, and to set up a communication channel for AI-related incidents, the Chinese Foreign Ministry said.

Beyond the economy, they also agreed to support each other in hosting the Asia-Pacific Economic Cooperation leaders' meeting and the Group of 20 summit, with both leaders planning to attend the gatherings hosted by the other, as Trump had earlier said in a social media post.

On foreign policy, the leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons, and that no country or entity should impose transit tolls on international waterways, the ministry said.

The U.S. Embassy in Beijing did not immediately respond to a Reuters request for comment.

-Reporting by Shanghai Newsroom; Editing by Christopher Cushing and Gareth Jones/Reuters