US and China agree tariffs and new trade council
The United States and China agreed to adjust tariffs covering roughly $30 billion of bilateral goods and to establish a trade council to carry forward negotiations, following Chinese president Xi Jinping's visit to Washington. The tariff changes affect US exports such as agricultural products, wood and cosmetics, and Chinese goods including small appliances, toys and decorations. Leaders also agreed to a new dialogue on artificial intelligence, agreed to use the term "super intelligence," planned another AI meeting in November, and set communication channels for AI incidents, while pledging cooperation on APEC, G20 and free transit in international waterways.
Tariff changes cover about $30 billion of bilateral goods.
Context
China's leader visited the United States and met the president. The countries had already extended a trade truce. They may hold further talks under the new trade council and in November on AI.
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