Bessent holds talks with He Lifeng in the US — CNBC
US Treasury Secretary Scott Bessent is holding talks in New York with Chinese Vice Premier He Lifeng ahead of the September 24 summit between US President Donald Trump and Chinese President Xi Jinping in Washington. As CNBC reports, the sides are discussing economic and trade relations between the two countries.
Trade and technology
Artificial intelligence, tariffs, rare earth metals and other economic issues are expected to be among the topics of the meeting. Bessent said the talks are intended to lay the groundwork for advancing US economic interests during Trump’s meeting with Xi Jinping.
Before the meeting at JPMorgan Chase in New York, Bessent told reporters that he expects substantive and constructive talks that will prepare the ground for the summit of the leaders of the world’s two largest national economies. US Trade Representative Jamieson Greer is also expected to take part in the consultations.
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Tariff truce
Trade and tariffs could become one of the key economic topics of the summit. Washington’s suspension of higher reciprocal tariffs on Chinese imports under the current trade truce is set to expire on November 10.
The current arrangements include China’s commitments on rare earth metal exports and purchases of US agricultural products. For its part, the Trump administration reduced some tariffs and suspended the higher reciprocal tariffs on Chinese goods.
Artificial intelligence is also expected to be among the topics of talks between Xi Jinping and Donald Trump. The United States and China are competing for technological leadership, while the Trump administration, according to CNBC, favors voluntary safeguards focused on national security rather than broad mandatory regulation of AI developers.
