China and the United States have agreed on a reciprocal tariff-reduction arrangement worth $30 billion and decided to begin a new dialogue on artificial intelligence, China’s Ministry of Foreign Affairs said. The agreements were part of an eight-point consensus reached during Chinese President Xi Jinping’s visit to the United States.

The two sides recognised the work done by their economic teams and backed several measures to strengthen trade ties. These include setting up a trade council, implementing the $30 billion tariff-reduction arrangement and extending the outcomes of earlier discussions held in Kuala Lumpur.

The latest understanding comes as Washington and Beijing continue efforts to maintain a fragile trade truce. The United States and China had earlier agreed to extend the truce by two months. The arrangement was due to expire on November 10. US Treasury Secretary Scott Bessent said on Wednesday that the extension would provide additional time to negotiate a potentially broader trade agreement.

Xi and US President Donald Trump concluded a three-day summit focused heavily on direct diplomacy between the two leaders. The meeting produced several areas of cooperation, though it did not result in major public breakthroughs. Xi later returned to Beijing, Chinese state media Xinhua reported on Saturday.

The two countries also agreed to open a formal dialogue on artificial intelligence. The discussions will cover both the risks and benefits linked to the technology. The next round of talks is scheduled for November. China and the US will also establish a communication channel to address AI-related incidents, according to the Chinese ministry.

The leaders further agreed to support each other in hosting major international meetings. They will back each other’s arrangements for the Asia-Pacific Economic Cooperation leaders’ meeting and the Group of Twenty summit. Both leaders have also indicated that they intend to attend the gatherings hosted by the other country.

On foreign policy, China and the US agreed that Iran should fulfil its commitment not to develop nuclear weapons. They also agreed that no country or entity should impose transit tolls on international waterways.

The two sides also recalled their shared history from World War Two, when China and the United States fought as allies. The reference formed part of the broader eight-point consensus reached during Xi’s visit.