China, U.S. Agree $30 Billion Tariff Cut as Xi Visit Yields AI Talks
Updated
Updated · CNBC · Sep 26
China, U.S. Agree $30 Billion Tariff Cut as Xi Visit Yields AI Talks
3 articles · Updated · CNBC · Sep 26
Summary
$30 billion in reciprocal tariff cuts was agreed during Xi Jinping's Washington visit, according to China's Foreign Ministry, alongside an eight-point consensus between Beijing and Washington.
November AI talks and a new channel for AI-related incidents were also approved, while the two sides agreed to create a trade council and carry forward outcomes from earlier Kuala Lumpur negotiations.
The package builds on a two-month extension of a trade truce that had been due to expire on Nov. 10, giving both sides more time to pursue a broader trade deal.
Beyond trade, the leaders backed each other's hosting of APEC and G20 summits and said Iran should honor its pledge not to develop nuclear weapons, while opposing transit tolls on international waterways.