The US and China have agreed to more favorable tariff terms for $30 billion in non-sensitive goods in each direction and will launch a dialogue on the risks and opportunities associated with artificial intelligence. The decisions were reached after Chinese President Xi Jinping's three-day visit to Washington and his meetings with US President Donald Trump.
According to the White House, the agreements cover US exports of agricultural products, fish and seafood, lumber, cosmetics and medical devices. Chinese exports to the United States include small household appliances, toys, holiday and decorative items, and child car seats.
“The two countries agreed on recommendations for more favorable customs treatment of non-sensitive goods worth $30 billion in each direction,“ the White House said.As part of the agreement, Washington and Beijing have established a trade council to serve as a channel for continuing talks on economic issues. China's foreign ministry also reaffirmed its commitment to implementing the results of previous talks in Kuala Lumpur.
Trade truce extended
The agreement comes after the world's two largest economies decided to extend a trade truce, which was due to expire on November 10, by two months. US Treasury Secretary Scott Besant said the additional time would allow work to continue on a potentially larger trade deal.
The talks between Trump and Xi did not lead to the announcement of a comprehensive new trade agreement, but they created a framework for further negotiations. The White House described the results as a step towards more stable economic relations, while the Chinese side emphasized the continuation of the dialogue and the implementation of the commitments already made.
After the end of the visit, Xi Jinping returned to Beijing. The trade council is to continue work on specific customs recommendations, and the talks on artificial intelligence will be developed in a separate bilateral format.
Sources: Reuters