China and the United States agreed on a $30 billion reciprocal tariff cut and an AI dialogue during President Xi Jinping’s three‑day Washington visit on 21‑23 June 2024. The deal, announced by the Chinese Foreign Ministry, also set up a trade council and extended the trade truce that had been due to expire on Nov 10 to Jan 10, 2025.
The eight‑point consensus reached in Washington followed earlier talks in Kuala Lumpur, where both sides vowed to deepen cooperation on trade and technology. Chinese Foreign Minister Wang Yi said the visit “opened a new chapter in China‑U.S. relations” and “will have a far‑reaching impact on world peace and development.”
Meanwhile, U.S. Treasury Secretary Scott Bessent highlighted the extension as a “critical pause” that gives both economies time to negotiate a larger trade framework. Bessent’s comments came as the two powers also agreed to host each other’s APEC and G20 summits.
On the AI front, the sides will hold a second dialogue in November to discuss risks, benefits, and a communication channel for AI‑related incidents. The Chinese Foreign Ministry noted Washington’s use of the term “super intelligence” instead of “artificial intelligence” as a sign of shared understanding.
Foreign‑policy points were also hammered out: both leaders urged Iran to uphold its nuclear‑non‑development pledge and rejected transit tolls on international waterways. Xi has now returned to Beijing, with Xinhua reporting his arrival on Saturday.
The next round of AI talks is slated for November, and the trade truce will keep tariffs lowered until Jan 10, 2025, as both sides prepare to deepen economic and technological ties.