Top US, Chinese economic officials meet ahead of Trump-Xi summit
<p>New York: US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began talks Sunday, as they set the stage for possible agreements on trade, AI and other issues before a summit of the countries' top leaders.</p> <p>The talks, which also include President Donald Trump's top trade official Jamieson Greer, are expected to last all day at JPMorgan Chase's headquarters in New…
United States Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng commenced high-level economic discussions on Sunday, as preparations were underway for a potential agreement on trade, artificial intelligence (AI), and other matters prior to the summit of their nations' top leaders. The talks, also involving US trade representative Jamie Saaty Greer, are anticipated to occupy a full day at JPMorgan Chase's New York headquarters.
The pre-summit meetings aim to alleviate tensions in trade, technology, and other strategic areas, including the potential extension of the trade truce set to expire in November and guidelines for AI development. Bessent expressed optimism about productive and focused discussions during his arrival for the Sunday talks.
Among the US priorities are maintaining the flow of vital resources such as rare earth magnets and critical minerals, essential for US manufacturers. A source familiar with the talks revealed that the discussions will center on AI, trade, rare earths, and other subjects, building on previous bilateral talks.
Working-level meetings might persist into Monday, according to the source. Earlier negotiations saw China committing to purchasing US agricultural goods, and their fulfillment of these terms could be a subject of scrutiny. The AI talks saw Bessent stating that both sides are open to discussions aimed at avoiding shared risks and preventing the "bifurcation of our two systems."
Other issues under scrutiny include US economic pressure on Iran, where Washington's ongoing conflict with Tehran has entered its seventh month. China, a significant economic partner of Iran, buys a considerable portion of its oil output and plays a crucial diplomatic role. Analysts caution about low expectations for the upcoming Trump-Xi summit, with former US deputy secretary of state Kurt Campbell noting that a truce is the most realistic short-term outcome.
Campbell also predicted that President Trump will announce further meetings with President Xi and that the summit might be followed by additional encounters at the APEC forum in November and the G20 summit in December.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
