China to work with US on slashing tariffs

Following the US-China summit in Beijing, Chinese Ministry of Commerce announced on Wednesday a preliminary framework to negotiate mutual tariff reductions affecting tens of billions of dollars in bilateral trade.

Both nations have established new trade and investment councils, agreeing in principle to reciprocally slash tariffs on at least $30 billion worth of goods each. Concurrently, both countries agreed to launch intergovernmental dialogues on artificial intelligence governance and safety protocols.