The US and China will reduce tariffs on $30 billion worth of goods

The US and China will reduce tariffs on goods worth $30 billion. The decision was announced following a three-day meeting between Donald Trump and Xi Jinping in Washington.

The change concerns non-strategic products. Agricultural goods, wood products and cosmetics will be added to the list of American exports. The US will lower tariffs on small household appliances, toys and decorative items imported from China.

The countries also agreed to establish a trade council. Another topic of the Trump-Xi Jinping meeting was artificial intelligence. The parties will resume negotiations on the technology's opportunities and risks in November. A direct communication channel will also be created to facilitate the exchange of information about AI-related incidents.

The agreement does not fully ease tensions between the US and China, but it does provide for specific changes to trade relations.

Source: Reuters