China and the United States have reached a consensus on key economic and trade issues following their latest round of consultations in New York. The discussions, which marked the eighth round of economic and trade consultations between the two nations, focused on tariffs, trade, and investment cooperation.
During the talks, representatives from both countries agreed on reciprocal tariff reductions and the creation of trade and investment councils. This agreement builds upon arrangements made during their previous consultations in Kuala Lumpur. The discussions were led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent.
In a significant development, the latest consultations included the first dialogue on artificial intelligence under the bilateral economic and trade consultation mechanism. This new dialogue aims to address AI-related issues and enhance cooperation between the two countries in this rapidly evolving field.
Both China and the United States have expressed a commitment to maintaining communication and continuing their collaborative efforts through the existing economic and trade consultation mechanism. This ongoing dialogue is expected to foster a more stable and cooperative economic relationship between the two global powers.