US-China agree on $30B tariff cuts and AI dialogue in eight-point deal

China and the US agreed to a mutual tariff reduction plan worth $30 billion and to launch an AI dialogue, based on an eight-point agreement reached during President Xi Jinping's visit to Washington. The deal also includes forming a trade council and expanding on prior talks in Kuala Lumpur. The agreement follows a two-month extension of a trade truce, announced by US Treasury Secretary Scott Bessent, which was set to expire on November 10. On AI, both sides will hold talks on risks and benefits, with the next round scheduled for November, and establish a communication channel for AI-related incidents. Beyond economic issues, the leaders agreed to support each other's hosting of APEC and G20 summits. On foreign policy, they concurred that Iran must not develop nuclear weapons and that no country should impose transit fees on international sea lanes.