US, China agree to cut tariffs on $30 billion worth of goods, set up channel for AI incidents

The United States and China have reached an agreement to reduce tariffs on $30 billion worth of goods imported by each nation. The deal follows a summit between President Trump and Chinese President Xi Jinping, marking a significant development in bilateral economic relations.

In addition to the trade adjustments, the two nations have established a formal communication channel to address incidents related to artificial intelligence. These measures are part of an eight-point consensus reached during the high-level meeting between the two leaders.