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

China and the United States have agreed to a mutual reduction of customs tariffs worth $30 billion and to launch a dialogue on artificial intelligence, as part of an eight-point consensus reached during Chinese President Xi Jinping's visit to Washington. The agreement was announced Saturday by China's Foreign Ministry. The two countries also decided to create a trade council and extend the results of previous negotiations from Kuala Lumpur. This follows their decision to prolong a trade truce by two months, which was set to expire on November 10, with U.S. Treasury Secretary Scott Bessent noting the extension offers more time for a broader deal. The three-day summit between Xi and President Donald Trump, which ended Friday, was dominated by direct diplomacy rather than major public announcements. The two sides also agreed to open an AI risk dialogue, establish a communication channel for AI incidents, and support each other's hosting of APEC and G20 meetings.