China and US agree to create trade council and hold dialogue on AI after summit

China's Foreign Ministry said the two sides also agreed to set up a trade council and build on the results of previous talks in Kuala Lumpur.

The agreement follows an earlier move by the world's two largest economies to extend for two months a trade truce that was set to expire on Nov. 10, allowing more time to work on a potentially larger trade deal, U.S. Treasury Secretary Scott Bessent said on Wednesday.

The three-day summit between Xi Jinping and President Donald Trump, which ended on Friday, prioritized personal diplomacy over major public breakthroughs. Xi has already landed in Beijing, Chinese state news agency Xinhua reported on Saturday.

Regarding artificial intelligence, the two sides agreed to maintain a dialogue on the risks and benefits of the technology, with the next round of discussions scheduled for November, and to establish a communication channel for AI-related incidents, the Chinese Ministry of Foreign Affairs said.

In addition to the economic issue, they also agreed to support each other in organizing the Asia-Pacific Economic Cooperation (APEC) leaders' meeting and the G20 summit, with both leaders planning to participate in the meetings organized by the other, as Trump had already mentioned in a social media post.

Regarding foreign policy, the leaders agreed that Iran must fulfill its commitment not to develop nuclear weapons and that no country or entity should impose transit fees on international waterways, the ministry said.