China and US Agree to $30 Billion Tariff Cut and AI Dialogue During Xi Visit

China and the US have agreed to a $30 billion reciprocal tariff-reduction arrangement and to launch AI dialogue, according to an eight-point consensus reached during Chinese President Xi Jinping's visit to the US, China's Foreign Ministry said Saturday. The two sides endorsed steps including establishing a trade council and extending outcomes from earlier talks in Kuala Lumpur. The agreement follows a two-month extension of a trade truce that was due to expire November 10, announced by US Treasury Secretary Scott Bessent. The leaders also agreed to establish an AI dialogue with the next round in November, create a communication channel for AI incidents, and support each other's APEC and G20 hosting. They affirmed Iran should not develop nuclear weapons and recalled their WWII alliance.