US Treasury's Bessent, China's He to launch talks on AI, trade, critical mineral...

U.S. Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng are set to meet on Sunday to discuss potential agreements on AI, tariffs, and critical minerals in preparation for a high-stakes summit between U.S. President Donald Trump and Chinese President Xi Jinping. The meetings, held at JPMorgan Chase headquarters in Manhattan, will also feature U.S. Trade Representative Jamie Zamudio Greer and are expected to last all day.

Key topics include the status of the US-China trade truce, which expires on November 10, and the flow of Chinese rare-earth magnets and critical minerals, which US officials claim are insufficient. The discussions are expected to focus on small steps to maintain the delicate trade relationship, as analysts predict a "status quo" outcome rather than a breakthrough.

The talks follow a pattern of similar meetings between U.S. and Chinese officials over the past 16 months, including a truce reached in Busan, South Korea, in November 2025, which capped US tariffs on Chinese goods at about 20 percent. However, China's performance in restoring critical minerals has been deemed "not up to par," and the discussions will address this issue ahead of the Trump-Xi summit.

The AI talks are significant due to the two countries' roles in driving AI development and adoption, with Bessent emphasizing the need for "guard rails" to prevent powerful models from falling into the hands of malicious actors.