International
oi-Swastika Sruti
The leaders of China and the US have achieved an eight-point agreement regarding trade and artificial intelligence and international cooperation after their meeting in Washington.
According to the Foreign Ministry of China, both sides have agreed on reducing tariffs on each other worth $30 billion and starting a new dialogue on artificial intelligence.
Leaders from China and the US concluded a Washington summit with an eight-point understanding, agreeing to reduce $30 billion in tariffs, launch an AI dialogue, and establish a trade council, while also discussing international cooperation including on APEC, G20, and Iran.
The three-day summit has ended on Friday as Xi returned to Beijing thereafter. The most recent agreement has been made amid continuing efforts from Washington and Beijing to prevent their trade row from spiraling out of control.
China And US Agree On $30 Billion Tariff Arrangement
The two sides have agreed to reduce tariffs on $30 billion worth of goods, according to China’s Foreign Ministry.
Beijing and Washington will also establish a trade council to continue discussions on economic and commercial issues. The two countries further agreed to extend the outcomes reached during their previous negotiations in Kuala Lumpur.
The latest arrangement comes after both sides agreed earlier to extend their existing trade truce by two months. The temporary arrangement was due to expire on November 10, giving negotiators additional time to work towards a wider trade agreement.
AI To Become New Area Of China-US Dialogue
Artificial intelligence is yet another crucial topic of discussion.
According to China, the two nations will initiate an exclusive dialogue on the pros and cons of the new technology, with the next discussion scheduled for November.
A communication channel will be established by the two parties to handle issues related to artificial intelligence.
China pointed out that the fast growth of artificial intelligence necessitates enhanced communication between the two countries. China also mentioned the term “super intelligence” used by the United States.
Trade Council To Follow Kuala Lumpur Talks
The latest agreement builds on earlier negotiations between Chinese and American officials.
The two governments have agreed to set up a trade council that will provide another channel for discussions on bilateral economic issues.
The decision is aimed at keeping negotiations active as both countries work through disagreements over tariffs and other trade-related matters.
Xi’s Washington Visit Ends
Xi’s three-day visit to Washington concluded on Friday. Chinese state media reported that the Chinese president subsequently returned to Beijing.
Chinese Foreign Minister Wang Yi described the visit as an important development for China-US relations and said it would have a wider impact on international stability and cooperation.
The summit did not result in a single comprehensive trade agreement, but the eight-point understanding covers several areas where both countries have agreed to continue working together.
China And US Discuss APEC, G20 And Iran
The two leaders also discussed cooperation around major international forums.
China said Beijing and Washington agreed to support each other’s hosting of APEC and G20 meetings, with Xi and Trump expected to attend gatherings hosted by the other country.
Foreign policy issues were also discussed. According to China’s Foreign Ministry, the leaders agreed that Iran should honour its commitment not to develop nuclear weapons.
They also agreed that no country or entity should impose transit tolls on international waterways.
