China and the United States have reached a consensus on key economic and trade issues, following their recent consultations in New York. The discussions, led by Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, marked the eighth round of such meetings between the two nations.
Significant agreements were made regarding reciprocal tariff reductions and the establishment of trade and investment councils. These steps are part of a broader effort to enhance economic cooperation between the two countries, building on arrangements established during previous talks in Kuala Lumpur.
In a notable development, the consultations included the first dialogue on artificial intelligence under the bilateral economic and trade consultation mechanism. This addition highlights the growing importance of AI in international economic discussions and sets the stage for future collaboration in this field.
The talks underscore a mutual commitment to maintaining communication and continuing work on the agreed arrangements. Both sides are expected to utilize the existing economic and trade consultation mechanism to further these objectives, signaling a willingness to strengthen bilateral ties.