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

NEW YORK, Sept 21 — US Treasury Secretary Scott Bessent declared the recent meeting on trade and artificial intelligence with Chinese officials a "very successful" engagement. The all-day discussions, attended by Vice Premier He Lifeng, lasted around eight hours and focused on establishing greater communication regarding AI threats.

Bessent and He Lifeng also held a private conversation during the event at JPMorgan Chase's headquarters, where they discussed a potential US-China AI dialogue. The meeting set the stage for possible agreements on trade, AI, and other strategic concerns before a summit of the countries' top leaders. US President Donald Trump and Chinese President Xi Jinping are scheduled to meet Thursday in Washington.

During the negotiation, US officials proposed a notification mechanism for security threats, aiming to set up a mechanism between the two countries. Both sides are seeking to ease tensions on trade, technology, and other strategic issues, including a possible extension of a trade truce and guardrails for AI development. US officials are also concerned about ensuring the continued flow of rare earth magnets and critical minerals necessary for US manufacturers.

Working-level meetings could continue into Monday, according to a source familiar with the discussions. Previous negotiations saw China pledge to purchase US agriculture goods, and the fulfillment of these terms could be a point of scrutiny.