File photo: U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng shake hands during trade talks at the Organization for Economic Co-operation and Development (OECD) headquarters in Paris, France, on March 16, 2026.
US Treasury | via Reuters
Treasury Secretary Scott Bessent is meeting with Chinese Vice Premier He Lifeng ahead of Chinese President Xi Jinping’s visit to the United States this week.
The talks are also expected to address artificial intelligence, tariffs, rare earths and other economic issues ahead of a September 24 summit between Trump and Xi in Washington, D.C.
“In New York City, Vice Premier He Lifeng and I continue to discuss the U.S.-China economic and trade relationship ahead of our historic summit with (President Donald Trump’s) Xi Jinping in Washington,” Bessent wrote in a post to Mr. X, along with a photo of himself and Mr. He.
It added, “These meetings will help President Trump lay the foundation for advancing America’s economic interests and delivering results for the American people.”
Short comments to reporters before the meeting JP Morgan Chase Bessent said in New York that he was looking forward to this week’s summit between the leaders of the world’s two largest national economies and “setting the stage for today’s intensive, fruitful and constructive talks.”
U.S. Trade Representative Jamieson Greer is also expected to participate in the talks.
The meeting comes ahead of Xi’s high-stakes trip to Washington this week, the first of the Trump administration’s second term. President Trump visited Beijing earlier this year amid rising tensions between the world’s largest economies.
Bessent’s meeting with He also comes amid an escalating debate in Washington over the safety of artificial intelligence and national security as the United States and China vie for technological leadership. The Trump administration has favored voluntary, national security-oriented safeguards over broad mandatory rules for AI developers. The issue is expected to be part of talks between Mr Xi and Mr Trump during the Chinese president’s visit.
Top AI executives have recently warned that the technology could quickly spin out of control and pose new threats. They called on Washington to put guardrails and regulations in place for the industry, which Trump himself has recently ridiculed.
CNBC reported Friday that JPMorgan CEO Jamie Dimon and Citigroup CEO Jane Fraser are scheduled to attend a state dinner during Xi’s visit. OpenAI CEO Sam Altman and NVIDIA CEO Jensen Huang will also be in attendance.
As competition between the US and China continues, the summit in Washington is expected to include high-stakes economic dialogue.
In addition to AI, other issues such as trade and tariffs are also likely to be discussed at the summit. A key part of the current U.S.-China trade ceasefire, in which Washington suspends increased reciprocal tariffs on imports from China, is set to expire on November 10.
The current ceasefire agreement includes Chinese commitments on rare earth exports and U.S. agricultural purchases, but the Trump administration has lowered some tariffs on Chinese goods and halted reciprocal tariff increases.
