What happened
The United States and China have agreed to reduce tariffs on $30 billion worth of goods from each country. The agreement was announced after Chinese leader Xi Jinping's state visit to Washington, where he met with US President Donald Trump. The tariff reduction plan covers non-sensitive goods, including agricultural products, cosmetics, and medical devices from the US, and small appliances, toys, and children's car seats from China.
The two leaders also discussed other issues, including Iran's nuclear program, international waterway tolls, and artificial intelligence. They agreed that Iran should not have nuclear weapons and that no country should impose tolls on international waterways. Additionally, they announced plans for a technology dialogue focused on the risks and benefits of artificial intelligence.
The US and China also extended their existing trade truce, which will run through January 10, allowing more time to pursue a broader economic agreement. A new working group will address market access barriers in the agricultural sector, and an investment board will discuss investment opportunities and obstacles.
