China said on Saturday it had agreed with the United States on a $30 billion reciprocal tariff-reduction arrangement and on launching a dialogue on artificial intelligence (AI), under an eight-point consensus reached during Xi Jinping’s visit to Washington.

According to China’s Foreign Ministry, the two sides also agreed to set up a trade council and extend the outcomes of earlier talks in Kuala Lumpur. The ministry said the two countries will hold a dialogue on the technology’s risks and benefits, with the next round set for November, and set up a communication channel for AI-related incidents. The leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons and that no country or entity should impose transit tolls on international waterways.