US, China set for talks on AI, tariffs and critical minerals ahead of summit

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are set to meet in New York on Sunday to discuss artificial intelligence, tariffs, and critical minerals prior to a summit between Presidents Donald Trump and Xi Jinping, according to Reuters. The talks, which will also involve U.S. Trade Representative Jamie Jamieson Greer, are scheduled to begin at around 10:30 a.m. ET at JPMorgan Chase's Manhattan headquarters and will likely extend throughout the day.

Officials are anticipated to deliberate on the U.S.-China trade truce set to expire on November 10, Chinese exports of rare-earth magnets and critical minerals, as well as potential safeguards for AI. The discussions aim to establish groundwork for potential agreements during the Trump-Xi summit in Washington this week. Analysts quoted by Reuters predict modest steps to avert renewed trade tensions rather than a comprehensive breakthrough.

Several matters carry over from the presidents' May meeting in Beijing, including efforts to lower tariffs on non-strategic goods, Chinese pledges to increase purchases of U.S. agricultural products by $17 billion annually, and acquire over 200 Boeing aircraft. Critical minerals are projected to be a significant focus. China had previously committed to restoring supplies to U.S. and global users under a prior trade truce, but a senior U.S. official stated on Friday that Beijing's performance had fallen short.

AI will also be a new subject of discussion. Bessent indicated that the talks would encompass both open- and closed-weight models and advocated for safeguards to prevent powerful AI systems from falling into the hands of malicious non-state actors. China's Commerce Ministry stated that He Lifeng will preside over a delegation of Chinese enterprises participating in economic and trade consultations ahead of the summit.