US and China agree to cut tariffs on $30 billion of goods each

According to the White House, the two countries have agreed to recommend a more favourable tariff policy for non-sensitive goods worth $30 billion in each direction.

Under the decision, the goods going from the United States to China will include agricultural products, timber and cosmetics. Those coming from China to the United States will include small household items, toys and decorative goods.

The two countries also agreed to set up a new trade council for communication on trade matters and to carry forward the outcomes of the earlier talks held in Kuala Lumpur.

On artificial intelligence as well, the United States and China agreed to begin talks on the benefits and risks of the technology. The next round of talks between the two countries will be held in November. A special channel of communication will also be set up to deal with possible incidents related to artificial intelligence.

According to the White House, the two leaders agreed to use the term superintelligence instead of artificial intelligence. China also called this important.

Chinese Foreign Minister Wang Yi said that Xi Jinping’s visit to the United States would open a new chapter in China-US relations and help the overall stability of bilateral ties. Xi Jinping has arrived in Beijing after completing the three-day visit.