U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng meet Sunday in Manhattan to discuss AI security, rare earths, and trade, laying the groundwork for a Trump-Xi summit in Washington on Sept. 24. The talks come as the two sides race to extend a tariff truce set to expire in November.
Bessent and He Lifeng are set to meet Sunday at JPMorgan Chase headquarters in Manhattan, according to Reuters, which cited a person familiar with the planning. The discussions will cover AI security, rare earths, and broader trade issues.
The Manhattan talks are scheduled for 10:30 a.m. ET (1430 GMT) on Sunday, setting the stage for a high-profile summit between President Donald Trump and Chinese President Xi Jinping. That summit is scheduled for Sept. 24 in Washington. U.S. Trade Representative Jamieson Greer will also take part in the bilateral talks.
First meeting since Seoul
Sunday's session marks the first face-to-face dialogue between Bessent and He since their encounter near Seoul four months ago, which preceded Trump's visit to Beijing in May. According to Greer: "The Trump Administration will continue to pursue balanced trade with China", he said in a statement late Friday, adding that the goal is to monitor commitments already made, expand trade in non-sensitive goods, and widen market access for American farmers, manufacturers, and workers.
Truce deadline adds pressure
The talks land at a critical juncture, as negotiators try to hold the current tariff truce together before it expires in November. The New York agenda spans technology and AI security amid the ongoing boom, energy market spillovers tied to the war in Iran, and efforts to cut levies on agricultural and energy exports as part of a broader push to lower trade barriers on $30 billion worth of products from each nation under the Board of Trade mechanism.
The pressure to secure an extension is heightened by the Nov. 3 midterm elections, where voter anxiety over persistent inflation remains a top concern. In a signal of goodwill ahead of the bilateral talks, the U.S. administration delayed a planned announcement of new tariffs tied to allegations of excess manufacturing capacity among trading partners until after the meeting, Bloomberg reported, citing people familiar with the matter.
Source: Investing.com
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