China, U.S. agree to $30 billion tariff cut and AI dialogue

China and the U.S. have agreed to a $30 billion reciprocal tariff-reduction arrangement and to launch an AI dialogue, according to China's Foreign Ministry on Saturday. The agreement was part of an eight-point consensus reached during President Xi Jinping's three-day visit to Washington, which ended Friday. The two sides also agreed to establish a trade council and extend outcomes from earlier talks in Kuala Lumpur. The deal follows a two-month extension of a trade truce that was due to expire Nov. 10. The leaders also agreed on AI risk discussions, support for each other's APEC and G20 summits, and that Iran must not develop nuclear weapons.