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

China and the United States have agreed on an eight-point package covering tariffs, artificial intelligence, and trade cooperation following President Xi Jinping's three-day visit to Washington, Beijing announced Saturday. The deal includes a reciprocal tariff reduction worth about $30 billion. The tariff arrangement builds on a two-month extension of the trade truce between the world's two largest economies, with details of implementation not yet provided. The two sides will create a trade council and extend results from earlier talks in Kuala Lumpur, while President Trump described the discussions as substantial progress. The agreement establishes regular AI discussions starting in November and a channel for incident communication. Xi and Trump plan to meet again at APEC and G20 summits, and discussed Iran's nuclear commitments and international waterways transit tolls.