The announcements came after a three-day summit between US President Donald Trump and Chinese President Xi Jinping in Washington, where the two leaders sought to stabilise relations after years of trade tensions and strategic rivalry.
The White House said the proposed tariff reductions would cover a range of non-sensitive goods in both directions.
US exports expected to receive more favourable treatment include agricultural products, wood and cosmetics, while Chinese goods entering the US that could benefit include small appliances, toys and decorations.
“The two countries reached consensus on recommendations for more favorable tariff treatment for $30 billion of non-sensitive goods in each direction,” the White House said on Friday.
The agreement does not amount to a comprehensive trade deal, but it extends the results of previous negotiations and creates additional mechanisms for Washington and Beijing to continue discussions.
The Chinese Foreign Ministry said the two sides had agreed to establish a trade council and extend the outcomes of earlier talks held in Kuala Lumpur.
Trade truce extended
The latest understanding follows an earlier decision by the two countries to extend their trade truce by two months.
The truce had been scheduled to expire on November 10, but US Treasury Secretary Scott Bessent said on Wednesday that the extension would provide additional time for negotiations on a potentially broader agreement.
The latest tariff arrangement therefore comes as Washington and Beijing attempt to prevent their trade dispute from escalating further while continuing to negotiate outstanding economic issues.
Xi has since returned to China, with Chinese state news agency Xinhua reporting on Saturday that the Chinese president had landed in Beijing.
The summit was marked largely by personal diplomacy between Trump and Xi rather than a series of major public announcements.
Chinese Foreign Minister Wang Yi described the visit as significant for the broader relationship between the two countries.
“This historic visit enriched the constructive and stable China-US relationship, upheld the overall stability of bilateral ties, opened a new chapter in China-US relations, and will have a far-reaching impact on world peace and development,” Wang said.
US and China agree to discuss AI
Beyond trade, artificial intelligence emerged as another area where Washington and Beijing agreed to establish a more structured dialogue.
The two governments said they would hold discussions on the risks and benefits associated with AI, with another round scheduled for November.
They also agreed to establish a communication channel for dealing with AI-related incidents.
The White House said Trump and Xi had agreed to use the term “super intelligence” in place of “artificial intelligence.”
China separately said it welcomed Washington's adoption of the terminology.
The Chinese Foreign Ministry said the rapid development of AI made greater communication between the two countries necessary.
As AI systems become more capable, Beijing said the two countries should increase exchanges and seek areas of agreement that reflect technological developments.
The decision to establish a dedicated channel for AI incidents could provide Washington and Beijing with a mechanism to communicate when AI-related events create unexpected security or diplomatic concerns.
Cooperation beyond trade
The two leaders also discussed international cooperation and agreed to support each other's hosting of major Asia-Pacific and global economic meetings.
The United States and China will support each other in hosting meetings of the Asia-Pacific Economic Cooperation forum and the Group of 20.
Both Trump and Xi are expected to attend gatherings hosted by the other country.
The agreement provides another avenue for the two governments to maintain high-level contact despite their broader strategic differences.
Iran and international waterways
Foreign policy issues were also addressed during the summit.
The United States and China agreed that Iran should honour its commitment not to develop nuclear weapons.
The two governments also said that no country or entity should impose transit tolls on international waterways.
The statements on foreign policy added a broader geopolitical dimension to a summit that was primarily focused on managing the economic relationship between Washington and Beijing.
A cautious step toward wider agreement
The tariff agreement represents a limited easing of trade restrictions rather than a resolution of the broader economic dispute between the United States and China.
For businesses, the immediate significance lies in the prospect of more favourable tariff treatment for selected goods in both directions.
For the two governments, the agreement also establishes additional structures for continued negotiations, including the planned trade council and the AI communication channel.
The outcome of the Trump-Xi meeting therefore leaves the two countries with a mixture of limited economic relief, new areas of cooperation and an extended period in which they can continue negotiating a potentially wider trade agreement.
With the tariff truce extended and further discussions planned, Washington and Beijing now face the task of turning the latest understanding into concrete measures while managing the broader economic, technological and geopolitical competition between them.