U.S. and China cut tariffs on $30 billion in goods, launch AI dialogue after Xi visit

The United States and China have agreed to reduce tariffs on $30 billion US of goods and launch a dialogue on AI, both countries said following President Xi Jinping's visit to Washington. The tariff reductions would apply to U.S. exports such as agricultural goods, wood and cosmetics, as well as U.S. imports including small appliances, toys and decorations, a White House statement said on Friday. The two sides also agreed to set up a trade council and extend the outcomes of earlier talks in Kuala Lumpur, Malaysia, the Chinese Foreign Ministry said. On artificial intelligence, the two sides agreed to hold a dialogue on the technology's risks and benefits, with the next round of discussions set for November, and to set up a communication channel for AI-related incidents. The leaders also agreed that Iran should fulfill its commitment not to develop nuclear weapons, and that no country or entity should impose transit tolls on international waterways.