China and the United States have agreed to mutual tariff reductions totaling $30 billion as part of an eight-point deal reached during Chinese President Xi Jinping's three-day visit to the US, according to China's foreign ministry.
The announcement, made on Saturday, also established a bilateral dialogue on artificial intelligence. The two sides will set up a communication channel for AI-related incidents and schedule their next conversation round for November, the ministry said.
The summit between the world's two largest economies was characterized more by personal diplomacy than sweeping public breakthroughs. Xi had already returned to Beijing, state news agency Xinhua reported.
Prior to the tariff deal, the US and China had agreed to extend a trade peace arrangement through November 10 — a two-month extension designed to allow more time for negotiating a broader trade agreement. US Treasury Secretary Scott Bessent announced the extension on Wednesday.
The two leaders also exchanged mutual support for hosting upcoming multilateral forums. They committed to attending the Asia-Pacific Economic Cooperation summit and the G20 summit organized by the other country.
The combined tariff cuts and the extended truce signal a de-escalation in trade tensions that have fluctuated throughout the current administration, though no timeline was given for a comprehensive trade deal to replace the temporary arrangement.
