Treasury Secretary Scott Bessent and Vice Premier He Lifeng are holding talks in New York to prepare for a planned summit between President Trump and President Xi Jinping.
Key facts
- •Treasury Secretary Scott Bessent and Vice Premier He Lifeng are meeting at JPMorgan Chase's headquarters in Manhattan.
- •The talks include U.S. Trade Representative Jamieson Greer and focus on trade, artificial intelligence, and critical minerals.
- •A primary goal of the discussions is to prepare for a summit between President Trump and President Xi Jinping.
- •Officials are reviewing the status of a trade agreement scheduled to expire in November.
- •Discussions include the potential for international monitoring and verifiable standards for artificial intelligence.
U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are meeting at JPMorgan Chase’s headquarters in New York to discuss economic and trade relations. The talks, which include U.S. Trade Representative Jamieson Greer, are intended to establish a foundation for an upcoming summit between President Donald Trump and Chinese President Xi Jinping. The discussions aim to address trade, technology, and strategic concerns between the world's two largest economies.
Agenda for Economic and Trade Talks
The discussions in New York are focused on several key areas, including the implementation of existing trade commitments and the potential extension of a trade agreement set to expire in November. U.S. officials are specifically looking to address market access for American farmers and manufacturers, as well as the continued supply of critical minerals and rare earth magnets essential for U.S. production. Additionally, the talks cover the monitoring of trade in non-sensitive goods and the fulfillment of previous Chinese pledges to purchase U.S. agricultural products.
Artificial Intelligence and Strategic Concerns
Artificial intelligence has emerged as a central topic, with officials discussing potential guardrails and the avoidance of systemic bifurcation. Treasury Secretary Bessent has expressed openness to addressing shared risks regarding AI development. Beyond technology, the discussions touch upon broader strategic issues, including U.S. economic pressure on Iran, a country for which China serves as a major economic partner and oil purchaser.
Context for Presidential Summit
The current negotiations serve as a prelude to a planned meeting between President Trump and President Xi Jinping. While the leaders met previously in Beijing in May, the upcoming summit is expected to address high-level bilateral tensions. Analysts have noted that expectations for immediate breakthroughs remain low, with some suggesting the primary goal may be maintaining a trade truce through the remainder of the year.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by CBS News Politics, Straits Times World.
