Treasury Secretary Scott Bessent convened with Chinese Vice Premier He Lifeng in New York on Sunday as part of diplomatic preparations ahead of the highly anticipated meeting between President Donald Trump and President Xi Jinping later this week.
The discussions are expected to address critical economic friction points, including artificial intelligence regulation, tariff policies, and access to rare earth minerals. These talks serve as a precursor to the September 24 summit in Washington, D.C., which marks Xi’s first visit to the United States during Trump’s second term.
“In New York City, Vice Premier He Lifeng and I are continuing our discussions on the U.S.-China economic and trade relationship ahead of President Donald Trump’s historic summit with President Xi in Washington,” Bessent stated in a post on X, accompanied by a photograph of the two officials.
Bessent emphasized that these preliminary engagements are designed to “lay the groundwork” for advancing American economic interests. Speaking briefly to reporters before the session at JPMorgan Chase’s headquarters, the Treasury Secretary described the agenda as focused, constructive, and aimed at setting the stage for leadership-level negotiations between the two largest economies.
U.S. Trade Representative Jamieson Greer is also slated to participate in the proceedings.
The timing of these talks coincides with intensifying debate in Washington regarding the safety and governance of artificial intelligence. As the U.S. and China compete for technological supremacy, AI policy has emerged as a key topic for the Trump-Xi dialogue. While top AI executives have recently called for stricter guardrails, the Trump administration continues to favor voluntary, national-security-oriented safeguards over comprehensive mandatory regulations.
Additionally, a significant U.S. suspension of higher tariffs on Chinese imports is scheduled to expire on November 10, adding urgency to the current economic negotiations.
The upcoming state dinner hosted for President Xi is expected to draw notable figures from the financial and technology sectors. CNBC reports that JPMorgan CEO Jamie Dimon and Citigroup CEO Jane Fraser will attend, alongside OpenAI CEO Sam Altman and Nvidia CEO Jensen Huang.
This summit follows a period of escalating tensions between the two nations, highlighted by Trump’s own visit to Beijing earlier this year. The outcomes of these negotiations will likely have lasting implications for global trade dynamics and technological cooperation.
Sam Altman and Jensen Huang at a state dinner? That’s a new level of tech-celebrity diplomacy. Interesting signals there.
Wait, is Bessent Treasury Secretary now? I thought that was someone else. The personnel changes in this second term are confusing me.
Rare earth minerals being on the agenda makes total sense. Tech companies are worried about supply chains right now.