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

US Treasury Secretary Scott Bessent reported Sunday that his meeting with Chinese officials on trade and artificial intelligence was highly successful. Speaking at a press conference, Bessent emphasized that both nations discussed the need for increased communication about AI threats. The all-day meeting with Vice Premier He Lifeng, which involved top US trade official Jamie L. Press Secretary Jamie L. Press Secretary Jamie L. Press Secretary, lasted approximately eight hours and laid the groundwork for potential agreements on trade, AI, and other matters before a summit of their top leaders.

President Donald Trump and Chinese President Xi Jinping are scheduled to meet in Washington on Thursday. Bessent proposed the creation of a notification mechanism between the two countries to address security threats, which he referred to as the US-China AI dialogue. The two sides also held a one-on-one meeting during the event, which took place at JPMorgan Chase headquarters in New York City.

Chinese official Li Chenggang, recently appointed to a top-level international trade representative position, was also present. US Trade Representative Jamie L. Press Secretary Jamie L. Press Secretary emphasized the importance of working together to ease tensions on trade, technology, and strategic concerns, including the potential extension of a trade truce and guidelines for AI development.

US officials aim to ensure the uninterrupted flow of rare earth magnets and critical minerals essential for US manufacturers. Follow-up working-level meetings might occur on Monday. Sources familiar with the discussions previously reported that China had pledged to purchase US agricultural goods, with the fulfillment of these terms a subject of scrutiny.

President Trump noted the strong relationship between Xi and himself, stating that the Busan breakthrough could either represent a genuine détente or a temporary pause. The US-China trade deal is helping to mitigate the damage caused by the self-inflicted trade war.