U.S. Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng in New York ahead of the Sept. 24 summit between Donald Trump and Xi Jinping in Washington. The talks are being framed as groundwork for broader high-level economic and trade discussions between the two countries.
According to CNBC, the agenda is expected to include artificial intelligence, tariffs, rare earths and other issues affecting the U.S.-China economic relationship. U.S. Trade Representative Jamieson Greer is also expected to take part in the discussions.
In a post on X, Bessent said he and He Lifeng were continuing discussions on the U.S.-China economic and trade relationship ahead of what he called the “historic summit” between Donald Trump and Xi Jinping in Washington. He said the talks would help lay the foundation for Trump to advance U.S. economic interests and deliver results for the American people.
Speaking briefly to reporters before the meeting at JPMorgan Chase in New York, Bessent said he expected “focused, fulsome and constructive” talks that would help set the stage for this week’s summit between the leaders of the world’s two largest national economies.
The meeting comes just before Xi Jinping’s high-stakes visit to Washington this week, his first trip to the United States during Donald Trump’s second term. Earlier this year, Trump visited Beijing as tensions between the two largest economies intensified.
The discussions are also taking place as debate in Washington grows over artificial intelligence safety and national security, with the United States and China competing for technological leadership. CNBC reported that the Trump administration has favored voluntary, national-security-focused safeguards over broad mandatory rules for AI developers.
CNBC also said that JPMorgan CEO Jamie Dimon, Citigroup chief Jane Fraser, OpenAI CEO Sam Altman and Nvidia chief Jensen Huang are expected to attend a state dinner during Xi Jinping’s visit.
The future of the current trade truce is set to be another key issue at the Washington summit. The U.S. suspension of heightened reciprocal tariffs on Chinese imports is due to expire on Nov. 10. The existing arrangement includes Chinese commitments on rare-earth exports and U.S. agricultural purchases, while the Trump administration has reduced some tariffs and suspended higher reciprocal duties on Chinese goods.
