China and the United States have reached consensus on several key economic and trade issues following their eighth round of consultations held in New York. The discussions led to agreements on reciprocal tariff reductions and the establishment of trade and investment councils, marking a significant step towards improved economic relations between the two countries.
Amidst these talks, the two nations also initiated their first dialogue on artificial intelligence within the framework of their bilateral economic and trade consultation mechanism. This development indicates a mutual interest in addressing AI-related challenges and opportunities, showcasing a commitment to collaboration in emerging technologies.
The consultations were led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, who both played pivotal roles in steering the negotiations. The discussions also extended arrangements agreed upon during previous consultations held in Kuala Lumpur, suggesting a continued effort to build upon past agreements.
Both parties have expressed their intention to maintain ongoing communication and to further develop the agreed-upon arrangements through the existing economic and trade consultation mechanism. This ongoing dialogue reflects a shared commitment to addressing mutual concerns and fostering a stable economic relationship.