Beijing says a three-day summit between Xi Jinping and President Donald Trump produced a $30 billion tariff cut and a new dialogue on artificial intelligence, according to CNBC. Details of the measures were not provided in the reporting.
Key facts
- Beijing says China and the U.S. agreed to a $30 billion tariff cut, according to CNBC.
- The two sides also agreed to open a dialogue on artificial intelligence, Beijing says.
- Beijing said the agreements came out of a three-day summit between Xi Jinping and President Donald Trump.
- The summit ended on Friday.
- CNBC reported the summit showcased personal diplomacy rather than big public breakthroughs.
China says it and the United States have agreed to a $30 billion tariff cut and to open a dialogue on artificial intelligence following a three-day summit between Xi Jinping and President Donald Trump, according to CNBC. The account of the agreements is attributed to Beijing.
The summit ran for three days and ended on Friday. CNBC reported that the meeting between the two leaders showcased personal diplomacy rather than big public breakthroughs.
Beijing said the tariff reduction is valued at $30 billion. The specific goods or sectors covered by the cut were not detailed in the source.
In addition to the tariff measure, the two governments agreed to establish a dialogue focused on artificial intelligence, Beijing said. Details on the scope, format or timeline of that dialogue were not provided.
As of publication, the reporting available did not include confirmation from the U.S. side, nor further specifics on the implementation of the announced measures.
Why it matters
Tariffs between the U.S. and China affect the prices of goods and the flow of trade between the two countries, so a reduction could carry economic implications. The reported measures are attributed to Beijing, and key details, including U.S. confirmation and the scope of the agreements, were not available in the reporting.
Frequently asked questions
How large is the tariff cut China and the U.S. agreed to?
Beijing says the two sides agreed to a $30 billion tariff cut, according to CNBC.
What else did the two countries agree to?
According to Beijing, the two sides also agreed to open a dialogue on artificial intelligence.
When did the summit take place?
The meeting was a three-day summit between Xi Jinping and President Donald Trump that ended on Friday.