The United States and China have finalized an agreement concerning tariffs on $30 billion worth of goods exchanged between the two nations. This deal also includes the establishment of a trade council aimed at facilitating ongoing economic discussions in the future.
US, China agree to launch AI dialogue
Chinese goods such as small appliances, toys and decorations will also receive more favourable tariff treatment, according to the White House, as reported by Reuters. Those present included Alphabet CEO Sundar Pichai, Microsoft CEO Satya Nadella, Nvidia CEO Jensen Huang and OpenAI CEO Sam Altman, HT reported. They will also establish a channel through which officials can communicate about incidents involving AI, according to statements from the White House and China’s Foreign Ministry, Reuters reported.
China’s Ministry of Foreign Affairs said the two countries agreed to carry forward the outcomes of their earlier discussions in Kuala Lumpur and establish a trade council to continue economic and trade talks. The extension gives the two countries additional time to work towards a broader trade agreement, US Treasury Secretary Scott Bessent had said. The White House said Trump and Xi agreed during their meeting to use the term “super intelligence” instead of “artificial intelligence”. Beijing welcomed the terminology and called for greater exchanges between the two countries on the development of AI, its Foreign Ministry said. The two sides also decided that international waterways should not be subject to transit tolls imposed by individual countries or entities, according to the agreements reached during the visit.
The new arrangement covers US exports, including agricultural products, wood and cosmetics, to China. The latest agreement comes after the US and China agreed to extend their existing trade truce by two months. The two countries are expected to hold another round of AI discussions in November.
Trump and Xi met at the White House on Thursday for several hours before joining a state dinner attended by senior government officials and business leaders.
