US and China cut tariffs on $30 billion goods

The United States and China agreed to mutually reduce tariffs on $30 billion worth of goods following President Xi Jinping's Washington visit. Reductions cover US agricultural products, timber, cosmetics, and imports of household appliances, toys, and decorative items. Both nations will establish a dialogue on artificial intelligence risks and benefits.

The two sides had reached an understanding on granting reciprocal preferential tariff treatment to $30 billion worth of non-sensitive goods.