US-China Trade Talks Begin in New York Ahead of Trump-Xi Summit
Treasury Secretary Bessent and Vice Premier He Lifeng meet to stabilize ties before presidential meeting in Washington.
KEY POINTS
- Bessent and He Lifeng meet in New York ahead of Trump-Xi summit on Sept 24
- Talks address expiring tariff truce, critical minerals, and AI safeguards
- Analysts predict modest steps to avoid escalation, not a major breakthrough
- May talks in South Korea yielded tariff cuts and $17B agriculture purchase pledge
- New US tariffs on excess capacity delayed until after current consultations
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng opened trade and economic consultations in New York on Sunday. The talks, held at JPMorgan Chase headquarters in Manhattan, aim to prepare for a summit between President Donald Trump and President Xi Jinping in Washington on September 24.
The discussions cover the tariff truce expiring November 10, Chinese exports of rare earth magnets and critical minerals, and potential safeguards for artificial intelligence. US Trade Representative Jamieson Greer is also attending the day-long session.
“I believe the maintenance of the status quo is probably the best overall expectation for both sides.”
Analysts expect modest measures to prevent escalation rather than a major breakthrough. Anna Ashton of Ashton Intelligence said maintaining the status quo is the most likely outcome for both sides ahead of the presidential meeting.
The meeting follows a pattern of talks in third countries over the past 16 months. Previous negotiations in May in South Korea produced agreements on tariff reductions, non-tariff barriers, and a Chinese pledge to increase agricultural purchases by $17 billion annually.
Energy market disruptions linked to the Iran conflict and the AI boom are also expected to feature in the dialogue. New US tariffs over alleged excess manufacturing capacity have been delayed until after these talks.
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