China and US agree to $30 billion tariff cut and AI dialogue

China and the US have agreed to a $30 billion reciprocal tariff-reduction arrangement and to launch dialogue on artificial intelligence, under an eight-point consensus reached during Chinese President Xi Jinping's visit to the US, China's Ministry of Foreign Affairs said. The two sides endorsed steps including establishing a trade council and extending outcomes from earlier talks in Kuala Lumpur, following a three-day summit that showcased personal diplomacy. The US and China had earlier extended a trade truce by two months, allowing more time for a potentially bigger deal. On AI, they agreed to discuss risks and benefits, with the next round set for November, and to create a communication channel for AI-related incidents. They also agreed to support each other's hosting of APEC and G20 meetings, and reaffirmed that Iran should not develop nuclear weapons.