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

US Treasury Secretary Scott Bessent described the meeting with Chinese officials as "very successful," discussing trade and artificial intelligence on Sunday. The all-day discussion, held at JPMorgan Chase's New York headquarters, involved Chinese Vice-Premier He Lifeng and US Trade Official Jamie Jamieson Greer. The meeting, a precursor to a planned summit of the countries' top leaders, aimed to establish greater communication on AI threats and explore possible agreements.

Bessent proposed a mechanism for notifying each other about security incidents, and both sides agreed to meet again. Li Chenggang, a newly appointed top-level international trade representative from China, attended the gathering. US officials emphasized the importance of working together to ease tensions on trade, technology, and strategic concerns, including potential extensions of a trade truce and regulations for AI development.

Critical minerals and rare earth magnets, essential for US manufacturers, remained a focus for ensuring continued flow. Subsequent working-level meetings were expected to continue on Monday.