US and China Cut Tariffs on $30 Billion in Goods

Donald Trump and President Xi Jinping concluded a three-day summit in Washington with an agreement to reduce tariffs on $30 billion of non-sensitive goods. The reciprocal cuts cover U.S. agricultural products, wood, and cosmetics, as well as Chinese toys, decorations, and small appliances.

To maintain economic stability, the two nations established a permanent Bilateral Trade Council and extended their existing trade truce by two months. U.S. Treasury Secretary Scott Bessent noted that this extension provides necessary time to negotiate a more comprehensive trade deal.

The leaders also launched a dialogue on advanced technology, formally adopting the term "super intelligence" to replace "artificial intelligence." This new framework includes a dedicated communication channel for incidents involving super intelligence and scheduled discussions for November.

Additional agreements include mutual support for the upcoming G20 and APEC summits and a commitment to keep international waterways free of transit tolls. On security matters, both leaders affirmed that Iran must fulfill its commitment to avoid developing nuclear weapons.