The United States and China agreed to cut tariffs on $30 billion of goods and apply preferential tariff rates to $30 billion of goods each country exports to the other. The deal covers U.S. agricultural products, timber and cosmetics shipped to China, and Chinese small household appliances, toys and decorative items shipped to the United States. The countries will establish a trade council, expand cooperation on AI (artificial intelligence), and create a consultative body to examine the technology’s risks and benefits. They will also set up a rapid communication channel for AI-related incidents and hold a follow-up meeting in November. The agreement extends their existing trade truce by two months beyond its November 10 expiration date, providing additional time for negotiations on a broader trade agreement. The leaders also agreed on positions concerning Iran’s nuclear commitments and transit fees on international waterways, and pledged mutual support for upcoming APEC and G20 summits.