Scott Bessent and He Lifeng meet in New York for US-China talks forward of the Trump-Xi assembly later this week.
Revealed On 20 Sep 2026
High financial officers from China and america have begun talks in New York Metropolis geared toward clearing the way in which for attainable agreements on commerce, synthetic intelligence and significant minerals forward of a gathering between US President Donald Trump and Chinese President Xi Jinping later this week.
US Treasury Secretary Scott Bessent and Chinese language Vice Premier He Lifeng started talks at JPMorgan Chase’s Manhattan headquarters on Sunday morning, with US Commerce Consultant Jamieson Greer additionally collaborating.
Beneficial Tales
listing of 4 objectsfinish of listing
The talks come 4 days earlier than Trump is because of host Xi on the White Home, with each side trying to ease tensions between the world’s two largest economies.
“I’m wanting ahead to having centered, fulsome and constructive talks right this moment that may set the stage for our leaders’ assembly,” Bessent informed reporters as he arrived.
On the high of the agenda is a fragile US-China commerce truce resulting from expire on November 10.
The settlement, reached in Busan, South Korea, final November, capped US tariffs on Chinese language items at about 20 % after a tit-for-tat commerce struggle briefly pushed tariffs into the triple digits.
Washington can also be pressuring Beijing over its provide of rare-earth magnets and different vital minerals, essential to industries starting from vehicles to superior semiconductors.
China promised to revive the circulate of vital minerals beneath final yr’s truce, however a senior US official mentioned on Friday that Beijing’s efficiency had “not been as much as par”.
AI enters the talks
Artificial intelligence (AI) can also be anticipated to characteristic prominently, including a comparatively new challenge to negotiations lengthy dominated by commerce.
Bessent has mentioned the nations might talk about AI “guardrails” geared toward addressing shared dangers, together with stopping highly effective fashions from falling into the palms of malign non-state actors.
The talks are anticipated to cowl each open- and closed-weight AI fashions. Chinese language open-weight fashions have more and more attracted US firms, partially as a result of they are often cheaper than closed methods developed by US companies equivalent to OpenAI and Anthropic.
“The US stays the chief in AI,” Bessent mentioned. “And we’re open to discussions on avoiding shared dangers and avoiding bifurcation of our two methods.”
One other potential level of friction is Iran. China stays considered one of Tehran’s most necessary financial companions and buys a lot of its oil, making Beijing an necessary goal of Washington’s efforts to extend financial stress on Iran because the US-Israel conflict on Iran enters its seventh month.
Expectations stay low
Regardless of the packed agenda, analysts should not anticipating a sweeping breakthrough.
“I feel there shall be some present of deliverables due to the truth that it’s a presidential summit coming, however I don’t really feel like we’re on the verge of some kind of breakthrough,” Anna Ashton, a China commerce analyst and founding father of Ashton Intelligence, informed Reuters.
“I feel established order might be each side’ basic finest expectation.”
Former US Deputy Secretary of State Kurt Campbell equally mentioned the instant objective could merely be retaining tensions contained.
“One of many solely issues we will hope for within the brief time period is a truce, and that this can possible proceed by way of the rest of this yr,” Campbell mentioned.
Sunday’s negotiations are a part of a collection of conferences between Bessent, He and Greer over the previous 16 months geared toward hammering out areas of settlement earlier than Trump and Xi meet nose to nose.
