The White House announced that China and the United States had agreed to mutually reduce tariffs by granting more favorable treatment to $30 billion worth of non-sensitive goods exported by each side to the other. The understanding was reached during Chinese President Xi Jinping’s visit to Washington and meeting with U.S. President Donald Trump, a three-day visit that ended on Friday.
Goods covered by preferential treatment
U.S. exports that will receive preferential tariff treatment in China include agricultural products, fish and seafood, wood products, cosmetics and medical devices.
In return, U.S. imports from China include small household appliances, toys, party decorations and child car seats.
Trade council and truce extension
China’s Foreign Ministry said the two sides endorsed the results of talks between their economic and trade teams, including the establishment and activation of a trade council and arrangements to reduce reciprocal tariffs, as well as extending the outcomes of previous economic and trade talks held in Kuala Lumpur.
The two countries had earlier agreed to extend their trade truce for two months, giving them more time to work toward a broader trade agreement.
Formal dialogue on artificial intelligence
The understandings included launching formal dialogue between China and the United States to discuss the risks and benefits of artificial intelligence. The next round of talks is to be held in November, in addition to establishing a bilateral communication channel to address technology-related incidents.
