In a significant development, China and the United States have reached a consensus on key economic and trade issues, following their recent consultations in New York. During the eighth round of economic and trade discussions, representatives from both nations agreed on reciprocal tariff reductions and the establishment of trade and investment councils.
This meeting also marked the extension of arrangements previously agreed upon at consultations in Kuala Lumpur. The discussions, led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, addressed mutual concerns and highlighted ongoing efforts to strengthen economic ties between the two countries.
For the first time, the dialogue under the bilateral economic and trade consultation mechanism included discussions on artificial intelligence. This addition signifies a growing recognition of AI’s importance in global economic strategies and the need for cooperation in this rapidly advancing field.
Both countries have expressed their commitment to maintaining communication and advancing the agreed-upon arrangements through the existing economic and trade consultation framework. This ongoing dialogue aims to foster a more stable and cooperative economic relationship between China and the United States.