US and China Agree to Reciprocal $30 Billion Tariff Cut

Washington and Beijing agreed to lower tariffs and establish a formal dialogue channel on artificial intelligence.

The United States and China have reached an agreement on a reciprocal tariff reduction of $30 billion for each side, alongside the launch of an official dialogue channel on artificial intelligence, according to reports by Maariv, Yahoo, and South Korean news agency Yonhap.

The understandings were finalized at the conclusion of Chinese President Xi Jinping's visit to Washington and his meetings with US President Donald Trump. During the talks, the Chinese leader reiterated that the two powers are capable of overcoming friction and avoiding military confrontation.

Further details regarding the timeline for implementing the tariff reductions and the composition of the technology dialogue teams have not yet been released.