The US and China Agree to Reduce Tariffs and Initiate AI Dialogue

The agreements were announced following Chinese President Xi Jinping's visit to Washington. According to a White House statement, the parties agreed on recommendations for a more favorable tariff regime for non-sensitive goods, each valued at $30 billion.

The changes will affect American exports to China, including agricultural products, timber, and cosmetics. For shipments to the US, there will be lower tariffs on several Chinese goods, including small household appliances, toys, and decorative items.

Washington and Beijing also agreed to hold consultations on the risks and potential benefits of artificial intelligence technologies. The next round of discussions is scheduled for November.

The Chinese Ministry of Foreign Affairs and the White House reported the creation of a separate communication channel to respond to AI-related incidents. The White House clarified that under the agreements, both parties will use the term "superintelligence" instead of "artificial intelligence."

On Monday, China announced its intention to reduce tariffs on a wide range of US agricultural products. The list published by the Ministry of Commerce includes corn, wheat, meat, and dairy products.

American soybeans are not included in this list. They will continue to be subject to an additional 10% tariff. Soybeans are a major imported product from the US mentioned in the announcement regarding Chinese tariffs.

Xi Jinping made his first state visit to the US since 2015.