Senior US and Chinese economic officials met in New York to prepare for a planned Trump–Xi summit this week. Talks led by Scott Bessent and He Lifeng covered trade, AI guardrails and supply-chain issues for rare earths and critical minerals. Delegations may also review China’s agricultural purchase commitments, while broader geopolitical topics such as US pressure on Iran were raised. Analysts say expectations are modest, with hopes focused on a short-term truce and further leader-level meetings.
Top US and Chinese Economic Officials Hold New York Talks Ahead of Trump–Xi Summit
US Treasury Secretary Scott Bessent's meeting with Chinese Vice Premier He Lifeng in New York is expected to cover issues including AI, trade and rare earths (kena betancur)
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng opened high-level economic talks on Sunday in New York, aiming to lay the groundwork for potential agreements on trade, artificial intelligence and other strategic issues ahead of a planned summit between President Donald Trump and Chinese President Xi Jinping.
The discussions, which include the White House’s lead trade official Jamieson Greer, are being held at JPMorgan Chase’s headquarters and are expected to continue through the day, with working-level sessions possibly extending into Monday.
Key Issues Under Discussion
- Trade Truce: Officials are negotiating whether to extend a trade truce set to expire in November.
- Artificial Intelligence: Both sides are discussing guardrails for AI, including ways to avoid shared risks and prevent a bifurcation of systems.
- Critical Minerals: Ensuring the steady flow of rare earth magnets and other critical minerals for US manufacturers is a priority.
- Agricultural Commitments: Delegations may review China’s prior pledges to purchase US agricultural goods and assess compliance.
- Regional Geopolitics: US economic pressure on Iran and China’s ties to Tehran are part of the broader agenda.
"I'm looking forward to focused, fulsome and constructive talks today that will set the stage for our leaders' meeting," Bessent said as he arrived for the talks.
A source familiar with the discussions told AFP the meetings will build on earlier bilateral rounds and concentrate on AI, trade, rare earths and related topics. Earlier negotiations also included Chinese commitments to buy US agricultural goods, and whether those pledges have been fulfilled may be examined.
On AI, Bessent added in an earlier statement: "We are open to discussions on avoiding shared risks and avoiding bifurcation of our two systems."
Analysts caution that expectations for the upcoming Trump-Xi summit remain modest. Former US deputy secretary of state Kurt Campbell said the most realistic near-term result would be a continuation of a truce through the end of the year and suggested the leaders may schedule additional meetings.
Trump and Xi are also expected to meet at the Asia-Pacific Economic Cooperation (APEC) forum in Shenzhen in November, and Trump is likely to invite Xi to the G20 summit in December at his Doral resort in Miami.
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