In a significant development, China and the United States have reached a consensus on several key economic and trade matters following their latest round of consultations in New York. The talks, marking the eighth round of economic and trade consultations between the two nations, addressed issues such as tariffs, trade, and investment cooperation.
During these discussions, representatives from both countries agreed on reciprocal tariff reductions and the establishment of trade and investment councils. Additionally, they extended arrangements that were previously agreed upon during consultations in Kuala Lumpur, further solidifying their economic collaboration.
Notably, this round of talks included the inaugural dialogue on artificial intelligence under the bilateral economic and trade consultation mechanism. The discussions on AI-related issues were led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, highlighting the growing importance of AI in international economic relations.
The two sides have committed to maintaining communication and continuing to work on the arrangements discussed through the existing economic and trade consultation mechanism, indicating a commitment to further collaboration and resolution of mutual concerns.