China and the United States have come to a consensus on several key economic and trade issues following the latest round of consultations held in New York. The discussions, marking the eighth round of economic and trade consultations between the two nations, focused on tariffs, trade, and investment cooperation.
During these talks, representatives from both countries agreed on reciprocal tariff reductions, the establishment of trade and investment councils, and the continuation of arrangements formed during previous consultations in Kuala Lumpur. These agreements are poised to enhance economic collaboration between the two global powers.
A significant development in this round of discussions was the initiation of dialogue on artificial intelligence. This marked the first such conversation under the bilateral economic and trade consultation mechanism, with Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent leading the discussions on AI-related topics.
The two countries have committed to maintaining communication and progressing the agreed arrangements through the existing economic and trade consultation framework. This ongoing dialogue underscores the importance both nations place on addressing mutual economic concerns and exploring new avenues for cooperation.