Pakistan, Sept. 26 -- China and the United States have agreed on tariff reductions covering $30 billion in goods. The countries also agreed to launch a formal dialogue on artificial intelligence. The agreements followed Chinese President Xi Jinping's three-day visit to Washington.

The understanding formed part of an eight-point consensus reached during Xi's meetings with US President Donald Trump. Both sides also agreed to establish a trade council. They further endorsed the outcomes of earlier economic discussions held in Kuala Lumpur.

The tariff arrangement provides more favourable treatment for $30 billion in non-sensitive goods. The arrangement covers goods traded in both directions between the two countries. The agreement follows e...