US and China Seal Trade Deal and Reduce Tariffs by US$30 Billion
US and China announce a US$30 billion cut in tariffs and dialogue on artificial intelligence following a meeting between Trump and Xi Jinping in Washington.
TL;DR
- US and China agreed on a trade truce, including a reduction of US$30 billion in tariffs on goods.
- The agreement was signed in Washington during Chinese President Xi Jinping's visit to President Donald Trump.
- A two-month extension of the existing trade truce was granted to allow for further negotiations on a broader economic agreement.
- An emergency channel will be created to manage incidents involving artificial intelligence (AI) that could risk national security.
- China agreed to import at least 10 million tons of American coal annually in 2027 and 2028.
- Negotiations are underway for China to resume normal supply of rare earth minerals.
- Both governments will work on a document to improve communication between their Armed Forces.
- On Taiwan, Xi Jinping urged the US to act with prudence.