US and China agree reciprocal tariff cuts on $30bn of goods after Trump-Xi summit China and the US will cut tariffs on about $30 billion of each other's imports, with 90 percent of covered goods getting most-favoured-nation rates, MOFCOM says. China and the United States have agreed to reciprocally reduce tariffs on about $30 billion worth of imports from each other, with around 90 percent of the covered products set to face most-favoured-nation tariff rates. China's commerce ministry confirmed the deal on Monday. The agreement was among the outcomes of economic and trade consultations held by Chinese and US teams in New York and Washington from September 20 to 23. The ministry, known as MOFCOM, said the two sides will implement the tariff reductions simultaneously after completing procedures required under their respective domestic laws.Under the framework, tariffs on US coal exports to China will be included in the reciprocal $30 billion tariff-reduction arrangement. MOFCOM said the move would facilitate Chinese imports of US coal in 2027 and 2028.The two countries also agreed to establish a bilateral trade council under their economic and trade consultation mechanism. Facilitating bilateral trade will be its primary task, the ministry said.In addition, the sides agreed to set up an investment council and an agricultural working group jointly led by MOFCOM and the Office of the US Trade Representative. The agricultural working group is expected to hold its first meeting before the end of 2026.MOFCOM said the two sides 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 before the end of November.The two countries also agreed to establish a communication channel for AI-related incidents, according to the ministry. This is intended to help manage emerging risks tied to artificial intelligence.US President Donald Trump hailed what he called tremendous progress made during his summit last week with Chinese President Xi Jinping. Speaking to reporters aboard Marine One, Trump said the meeting was incredible and lasted for a long time.Trump added that the last three days had been very amazing and that a lot of good things are happening after the talks. He also said, Our nation is winning.Xi concluded the three-day US visit after talks with Trump. According to the White House, the two leaders agreed to build a constructive relationship of strategic stability based on respect, fairness and reciprocity.They discussed global issues including Russia, North Korea and Iran. The two sides 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 two countries also agreed to establish a US-China Super Intelligence Dialogue to discuss the risks and benefits of emerging technologies. Trump advocated trilateral arms control talks involving the US, Russia and China.The measures are part of a broader set of outcomes from the September consultations. Both sides have described the talks as a step toward stabilizing economic ties after a period of heightened trade tensions.The tariff reductions and new working groups will now move through domestic procedures in both countries. Once those steps are complete, the two sides plan to implement the measures at the same time, MOFCOM said.