China and the U.S. have reached an agreement to lower tariffs on roughly $30 billion worth of products while establishing a new channel for discussions on AI, according to statements from both governments.
The understanding was announced after Chinese President Xi Jinping concluded a three-day visit to Washington for talks with U.S. President Donald Trump.
Under the arrangement, lower tariff rates would apply to selected non-sensitive products moving in both directions. U.S. exports covered by the discussions include cosmetics, agricultural products, and timber, while Chinese shipments to the American market include items such as small household appliances, decorative goods, and toys.
The agreement builds on earlier negotiations and follows an extension of the existing trade truce, giving Beijing and Washington additional time to pursue a broader economic understanding.
Chinese Foreign Minister Wang Yi said the presidential visit had contributed to efforts to maintain stable relations between the two countries and could have broader implications internationally.
The U.S. and China also agreed to create a joint trade body and build on agreements reached in earlier talks held in Kuala Lumpur.
AI emerged as another major area of cooperation. Beijing and Washington agreed to establish a formal channel for discussions about the opportunities and risks associated with advanced AI systems. The countries plan to resume discussions in November and create a dedicated channel to address major incidents involving artificial intelligence.
The discussions come as both countries remain engaged in intense competition over advanced technology, including computing systems and high-end semiconductor capabilities. Both governments have nevertheless shown interest in maintaining communication over potential security risks associated with increasingly capable AI systems.
U.S. officials also stated that the two leaders agreed to use the phrase “super intelligence” when discussing the technology. Chinese officials said Beijing welcomed the terminology and argued that both countries should expand exchanges as AI capabilities continue to develop.
Beyond trade and technology, the leaders discussed international diplomacy, agreeing to cooperate in support of each other’s hosting of G20 and Asia-Pacific Economic Cooperation meetings. Trump and Xi are both expected to attend events hosted by the other country.
They also addressed broader security matters, including Iran’s nuclear program and international waterways. Both governments said Iran should honor its pledge not to create new nuclear weapons. They also agreed that states and other entities should not impose transit charges on international waterways.
Tech businesses like D-Wave Quantum Inc. (NYSE: QBTS) will be hoping that the two powers iron out their differences on advanced technologies so that markets are spared the headwinds that have hit the AI industry over the current rivalry.
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