During Xi Jinping's visit to Washington, China and the US reached an agreement on a mutual reduction of tariffs on goods worth a total of $30 billion. Both sides announced this following the three-day summit, which ended on Friday.
This concerns a more favourable tariff regime for non-sensitive goods in each direction. American exports — agricultural products, timber and cosmetics — will receive relief, as will Chinese imports into the US: small household appliances, toys and jewellery.
In addition, the sides agreed to launch a dialogue on artificial intelligence. Discussion of the risks and benefits of the technology will take place in November, and a channel will also be created for the prompt exchange of information about AI-related incidents.
The agreements became part of an eight-point consensus reached by the leaders. In addition, there are plans to create a trade council and to extend the results of previous talks in Kuala Lumpur.
Xi Jinping's visit, the first in more than a decade, took place in an atmosphere of personal diplomacy. The Chinese leader has already returned to Beijing, and Foreign Minister Wang Yi called the meeting historic, opening a new chapter in relations between the two countries.
Earlier, Washington and Beijing extended the trade truce by two months, until January, to allow time for a larger-scale deal. How this will affect the further dynamics — only time will tell.
The White House and China's Foreign Ministry also confirmed plans to support each other in hosting the APEC and G20 summits.
