US Treasury chief says meeting with China on trade, AI 'very successful'

U.S. Treasury Secretary Scott Bessent is set to meet with Chinese Vice Premier He Lifeng in New York City to discuss a range of issues, according to a source with knowledge of the planned meetings. The conversations, which will take place this weekend, are seen as crucial given the stakes involved in the ongoing technological and economic rivalry between the United States and China.

AI, trade, and rare earths are among the key topics that will likely be on the agenda for the discussions. The United States and China are both at the forefront of the development and deployment of advanced AI tools, making this a topic of significant interest to both nations. Rare earths, meanwhile, are essential components in the production of a wide array of modern technologies, making them a strategic resource in the global marketplace.

Bessent will join U.S. Trade Representative Jamie Jamieson Greer at the meeting, which is scheduled to occur on Sunday ahead of a larger summit featuring U.S. President Donald Trump and Chinese President Xi Jinping on September 24 in Washington. Greer's office released a statement outlining the administration's approach to trade with China, emphasizing a commitment to balancing trade relations, optimizing trade in non-sensitive goods, and improving market access for American farmers, manufacturers, and workers.

Bessent echoed these sentiments in his own statement, expressing anticipation for discussions that will encompass both open and closed issues. The upcoming meeting in New York is a significant step in the ongoing dialogue between the two superpowers, as they navigate the complex landscape of technological advancement and economic relations.