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US-China agree on trade and AI cooperation
The United States and China have agreed to make improvements in their trade understandings, particularly regarding non-sensitive goods, with the aim of strengthening trade and facilitating exchanges under more favorable terms. The focus is also on isolating some products from future tariff impositions. Additionally, both sides have agreed to extend the trade truce for two months, allowing for an assessment of China's adherence to its previous commitments, including purchasing American agricultural products and providing access to rare metals. These developments have resulted in approximately a 40% reduction in the US trade deficit with China, while trade flows to other countries, such as Mexico, have increased—Mexico recorded a record import value of $60.6 billion in July. Officials have also praised cooperation in the field of artificial intelligence, emphasizing the exchange of views on its uses and potential risks.
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