President Donald Trump and Chinese President Xi Jinping agreed to “more favorable tariff treatment” for $30 billion of goods in each direction while establishing a new bilateral dialogue on advanced AI technology.
US-China Agree to $30 Billion Tariff Cuts
On Friday, the White House said the U.S. and China reached consensus on more favorable tariff treatment for “$30 billion of non-sensitive goods in each direction,” reported Reuters.
The arrangement covers U.S. exports including agricultural products, wood products and cosmetics, while Chinese goods receiving favorable treatment include small appliances, toys and decorations.
The two countries also operationalized the U.S.-China Board of Trade.
Xi Urged Human Control Over AI
On Thursday, Xi Jinping said the U.S. and China had a shared responsibility to ensure AI remained “under human control” and benefited people.
Trump said AI would be a key topic in discussions between the two countries as they prepared to establish a formal dialogue on AI risks and communication protocols.
Trump continued to favor Department of Justice oversight over broad AI regulation, saying, “Our guardrail is the DOJ.”
He argued that stricter rules could slow the growth of a technology he believed could become bigger than the Industrial Revolution.
Trump said the U.S. would refer to applicable emerging AI technologies as “Super Intelligence” rather than artificial intelligence.
US-China Trade Talks Continued
Earlier this week, U.S. Trade Representative Jamieson Greer said the U.S. and China had reached an agreement on selected goods, including U.S. agricultural products and medical devices and non-sensitive Chinese consumer goods, with “preferential” trade terms.
Treasury Secretary Scott Bessent said the two countries also extended their trade truce by two months to Jan. 10 to address “unfinished business” and pursue a broader deal.
The talks included a possible “30 by 30” arrangement to remove tariffs on $30 billion of non-critical goods from each side.
Bessent said China had met its 25 million-metric-ton soybean purchase commitment but remained behind on roughly $17 billion in other agricultural purchases.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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