China has unveiled details of a fresh economic understanding with the United States following President Xi Jinping’s visit to Washington, with the arrangement covering tariffs, artificial intelligence and wider economic ties.
The agreement forms part of an eight-point consensus reached during Xi’s talks with US President Donald Trump. Beijing said both countries had reached a reciprocal tariff-cutting arrangement valued at $30 billion.
China’s Foreign Ministry said on Saturday that the understanding also provides for the creation of a trade council and further implementation of agreements reached during earlier discussions in Kuala Lumpur.
The announcement follows a decision by Beijing and Washington to prolong their existing trade truce for another two months. The suspension had been due to expire on November 10, allowing both governments more time to work towards a broader commercial agreement, US Treasury Secretary Scott Bessent said on Wednesday.
Xi concluded his three-day trip to Washington on Friday before travelling back to Beijing, Chinese state news agency Xinhua reported.
Chinese Foreign Minister Wang Yi characterised the meeting as a significant step in China-US relations, saying the talks had reinforced bilateral ties and could carry wider consequences for international peace and development.
Artificial intelligence was also included in the discussions, with both governments agreeing to examine the opportunities and risks arising from the fast advancement of the technology. The next discussions are expected in November, while the countries plan to establish a separate communication mechanism for addressing incidents involving AI.
Beijing also welcomed Washington’s decision to use the term “super intelligence” rather than “artificial intelligence”. China’s Foreign Ministry said the two sides should expand dialogue and identify areas of agreement as technological development continues.
The United States and China additionally agreed to work together on preparations for major international gatherings, including meetings of Asia-Pacific Economic Cooperation leaders and the Group of 20. Xi and Trump are expected to participate in events organised by each other’s countries.
The two leaders also discussed international security issues and agreed that Iran should continue adhering to its commitment against developing nuclear weapons. They further rejected the introduction of transit fees on international waterways by countries or other entities, according to China’s Foreign Ministry.
The US Embassy in Beijing had yet to respond to a request for comment from Reuters.
Goodness Anunobi
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