China, US agree to $30B tariff cut, launch AI dialogue in Washington

China and the US have agreed to a $30 billion reciprocal tariff reduction and launched an AI dialogue, according to an eight-point consensus reached during President Xi Jinping's visit to Washington, Beijing announced Saturday. The agreement also includes establishing a trade council and extending outcomes from earlier Kuala Lumpur talks. This follows a two-month extension of the trade truce, previously set to expire November 10, allowing time for a larger deal. The three-day summit between Xi and President Donald Trump ended Friday, with both leaders agreeing on AI risk discussions, support for hosting APEC and G20 meetings, and that Iran should not develop nuclear weapons.