Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng in New York ahead of the upcoming Trump-Xi summit scheduled for September 24 in Washington, D.C. The discussions are expected to focus on artificial intelligence (AI), tariffs, rare earths, and other economic issues, as both nations prepare for high-stakes negotiations between their leaders [1]. Bessent emphasized the importance of these talks, stating on X that they are laying the groundwork for President Trump to advance America's economic interests and deliver results for the American people [1].
The meeting, held at JPMorgan Chase, included brief remarks from Bessent, who expressed anticipation for "focused, fulsome and constructive talks" that would set the stage for the summit between the world's two largest economies. U.S. Trade Representative Jamieson Greer is also expected to participate in the discussions [1]. The timing of the meeting is significant, as it precedes President Xi Jinping's first visit to Washington during Trump's second term, following Trump's earlier visit to Beijing amid escalating tensions [1].
A key issue under discussion is the impending expiration of the U.S. suspension of higher tariffs on Chinese imports, scheduled for November 10. This deadline adds urgency to the talks, as it could impact the ongoing trade truce between the two countries [1]. The summit is also expected to address the safety and regulation of artificial intelligence, with the Trump administration favoring voluntary and national-security-focused safeguards over broad mandatory rules for AI developers. Recent warnings from top AI executives about the risks posed by the technology have prompted calls for Washington to set industry guardrails, although President Trump has recently criticized such regulations [1].
The state dinner during Xi's visit is expected to draw prominent figures from the finance and technology sectors, including JPMorgan CEO Jamie Dimon, Citigroup chief Jane Fraser, OpenAI CEO Sam Altman, and Nvidia chief Jensen Huang. Their attendance underscores the significance of the summit for both economic and technological leadership as the U.S. and China remain locked in competition [1].
CONCLUSION
The pre-summit talks between Bessent and He Lifeng signal a critical moment in U.S.-China relations, with AI, tariffs, and trade at the forefront. The impending expiration of tariff suspensions and the presence of top industry leaders highlight the high stakes for both economies. Market participants are closely watching for outcomes that could shape future economic and regulatory landscapes.