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

US Treasury Secretary Scott Bessent declared the trade and AI meeting with Chinese officials to be notably successful, highlighting the importance of enhanced communication on AI threats. The high-level discussions, attended by Vice-Premier He Lifeng and top US trade official Jamie Jamieson Greer, lasted around eight hours and laid the groundwork for potential agreements on trade, AI, and other matters prior to a summit between US President Donald Trump and Chinese President Xi Jinping in Washington.

Bessent proposed a notification mechanism between the two nations for security threats, dubbing the initiative the US-China AI dialogue. They agreed to reconvene, and Chinese official Li Chenggang, recently appointed to a top international trade representative role, also participated. Greer emphasized the necessity of cooperation, stating that both sides aim to mitigate tensions on trade, technology, and other strategic concerns, such as extending a trade truce and establishing AI development guardrails.

Additionally, ensuring the uninterrupted supply of essential minerals like rare earth magnets for US manufacturers is a priority. Working-level meetings may continue into Monday, with previous negotiations resulting in China committing to purchase US agricultural goods, and their adherence to the terms could also be a subject of scrutiny.