Trump hails ‘tremendous progress’ with Xi as US, China agree to reciprocal $30B tariff cuts

WASHINGTON, Sept 28: US President Donald Trump has hailed what he described as “tremendous progress” following his summit with Chinese President Xi Jinping, as Washington and Beijing announced agreements on tariffs, trade, artificial intelligence and other areas of cooperation.

Speaking to reporters aboard Marine One, Trump described his meeting with Xi as “incredible” and said it lasted “for a long time.” He added that the previous three days had been “very amazing” and that “a lot of good things are happening,” while declaring, “Our nation is winning.”

Xi concluded his three-day US visit after talks with Trump, with the two leaders agreeing to build what the White House described as “a constructive relationship of strategic stability” based on respect, fairness and reciprocity.

The leaders discussed international issues including Russia, North Korea and Iran. They agreed that Iran “can never have a nuclear weapon” and that no country or institution should be allowed to impose tolls on international waterways.

The White House also said the two sides agreed to establish a US-China Super Intelligence Dialogue to examine the risks and benefits of emerging technologies. Trump also advocated trilateral arms-control talks involving the United States, Russia and China.

Meanwhile, China’s Commerce Ministry said Monday that Beijing and Washington had agreed to reciprocally reduce tariffs on about $30 billion worth of imports, with around 90% of the products covered to receive most-favored-nation tariff rates.

The agreement was reached during economic and trade consultations held by Chinese and US officials in New York and Washington from Sept. 20 to 23. The tariff reductions will be implemented simultaneously after both sides complete the procedures required under their respective domestic laws, the ministry said.

The two countries also agreed to establish a bilateral trade council focused on facilitating trade. US coal exports to China will be included in the reciprocal tariff-reduction framework, with the arrangement expected to facilitate Chinese imports of US coal in 2027 and 2028.

Beijing and Washington further agreed to establish an investment council and an agricultural working group jointly led by China’s Commerce Ministry and the US Trade Representative’s office. The agricultural group is expected to hold its first meeting before the end of 2026.

The Commerce Ministry said the two sides had also reached an agreement in principle on financial services and established an artificial intelligence dialogue led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent.

The next AI dialogue is expected to take place before the end of November, while the two countries also agreed to create a communication channel for AI-related incidents.