China and US agree to mutual tariff reductions and AI dialogue

China and the United States have agreed to a reciprocal reduction in tariffs on goods valued at $30 billion. This agreement follows discussions between the two nations, with the Chinese Ministry of Foreign Affairs confirming the arrangement. Both countries also intend to initiate dialogue concerning artificial intelligence.

This tariff reduction represents a de-escalation in the ongoing trade dispute between the world's two largest economies. The agreement, reached after President Xi Jinping's visit to Washington, aims to ease economic friction. The inclusion of AI dialogue suggests a broader scope for bilateral engagement beyond trade matters.