China and US Agree to Cut Tariffs by $30 Billion

China and the US have agreed to mutually reduce tariffs totaling $30 billion, part of an eight-point deal reached during Chinese President Xi Jinping's visit to the US, China's Foreign Ministry announced Saturday. A broader trade agreement is now to be negotiated. The three-day summit between the world's two largest economies was marked more by personal diplomacy than public breakthroughs. Xi has returned to Beijing, according to state news agency Xinhua. The two sides had earlier extended a temporary trade truce by two months until November 10, as announced by US Treasury Secretary Scott Bessent. The leaders also pledged mutual support for hosting the APEC and G20 summits, expressing intentions to attend each other's meetings.