China and US agree on tariff cut
China and the United States agreed on a reciprocal arrangement to reduce tariffs by $30 billion and to initiate a dialogue on artificial intelligence during Chinese President Xi Jinping's visit to the United States. Both sides also acknowledged their economic teams' efforts and agreed on steps including the formation of a trade council and arrangements for tariff reductions, along with an extension of the trade truce that was scheduled for November, all of which advance efforts toward a comprehensive trade agreement.
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