The two sides also discussed additional details on the scope of the Board of Trade – but did not immediately implement tariff reductions, falling short of industry expectations that $30 billion worth of goods could benefit from a two-way cut.
The government-to-government instrument lays the foundation for cooperation between the two sides on tariff exclusions in non-sensitive sectors and was one of the main outcomes of the agreement. Trump’s May visit China.
U.S. agricultural products, fish, seafood, lumber, cosmetics and medical devices could receive “more favorable tariff treatment” in the Chinese market under this vehicle, according to the fact sheet. At the same time, Chinese consumer products could benefit from greater tariff access to the U.S. market, with the U.S. targeting household appliances, toys, Christmas decorations and children’s car seats.
The two sides agreed to create an Agricultural Trade Working Group to discuss barriers to trade in U.S. agricultural products, the fact sheet said. The United States also welcomed the arrival of two giant pandas at the Atlanta Zoo.
The “Board of Investment” – another result of Trump’s The China visit has received far less attention since its unveiling in May, due to disagreements within the administration over how it should be structured and under the control of Republican lawmakers.
The result suggests that the vehicle is less mature than its Board of Trade counterpart. The Investment Council has been “operationalized,” the factsheet says, adding only that it will serve as a platform for discussions on “potential investment opportunities” and “investment-related barriers.”
However, Trump may have incorporated Xi into his preferred nomenclature for artificial intelligence. The fact sheet said the two leaders agreed to use Trump’s preferred term “super intelligence” to describe the emerging technology. Heading to Knoxville to watch the Texas-Tennessee college football game on Saturday, Asset told reporters that the Chinese president “likes the idea of changing his name.”
Some lawmakers, including Rep. Ro Khanna (D-Calif.) and a slew of other democrats, hoped that the two leaders would make AI safeguards a central point of negotiations. But Asset That hope was dashed on Saturday, noting that the conversation didn’t go far beyond vocabulary and arguing that fears about AI’s threat to humanity were a hoax.
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