The "30-by-30" framework, announced by the White House on Friday, applies lower tariffs to US exports such as agricultural goods, wood and cosmetics, and US imports including fireworks, kitchenware, flashlights, baseballs, softballs and fishhooks. However, Foreign Policy reported that soybeans were notably excluded from the cuts.
The agreement follows a two-month extension of the trade truce, announced Wednesday by US Treasury Secretary Scott Bessent, which had been due to expire on November 10. The extension gives the world's two largest economies more time to negotiate a potentially broader deal.
On artificial intelligence, the two sides agreed to hold a dialogue on the technology's risks and benefits, with the next round set for November, and to establish a communication channel for AI-related incidents. The White House said the leaders agreed to use the term "super intelligence" in place of "artificial intelligence"; Beijing said it valued Washington's use of the new term.
The summit also produced agreements on setting up a trade council, signing a memorandum of understanding on strengthening crisis communications between the two militaries, and supporting each other's hosting of the Asia-Pacific Economic Cooperation leaders' meeting in Shenzhen, China, in November and the G20 summit at Trump National Doral Miami in December.
Chinese Foreign Minister Wang Yi called the visit "historic" and said it "opened a new chapter in China-US relations." The Financial Review, however, noted that the summit produced little real progress on trade and AI, instead transmitting a "carefully cultivated sense of respect and stability."
On foreign policy, the leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons and that no country should impose transit tolls on international waterways.