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World

US and China hold all-day New York talks to set up Trump-Xi summit

Scott Bessent and He Lifeng met at JPMorgan's Manhattan headquarters on Sunday for all-day talks on trade, AI and critical minerals ahead of Thursday's Trump-Xi summit in Washington.

By Sarah Whitfield · · Updated · 2 min read

Official Treasury portrait of US Treasury Secretary Scott Bessent
Photo: US Department of the Treasury (public domain official portrait) · source

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began all-day talks in New York on Sunday to lay the groundwork for a Washington summit between Donald Trump and Xi Jinping on Thursday, the first face-to-face meeting of the two leaders since Trump visited Beijing in May.

US Trade Representative Jamieson Greer joined the session at JPMorgan Chase’s Manhattan headquarters, which was expected to run all day. “I’m looking forward to having focused, fulsome and constructive talks today that will set the stage for our leaders’ meeting,” Bessent told reporters as he arrived.

The agenda is dominated by the US-China trade truce that expires on 10 November, flows of Chinese rare-earth magnets and critical minerals that Washington says are insufficient, and guardrails for artificial intelligence. Energy disruptions from the Iran war are also in play, with China a top buyer of Iranian oil.

Greer said ahead of the talks that the Trump administration would “continue to pursue balanced trade with China by monitoring the implementation of recent commitments” and improving market access for US farmers and manufacturers. Analysts expect modest deliverables rather than a breakthrough: “I don’t feel like we’re on the verge of some sort of breakthrough,” said China trade analyst Anna Ashton. “Status quo is probably both sides’ general best expectation.”

Xi is expected to arrive in the US on Wednesday, with the leaders’ meeting set for Thursday in Washington. Trump plans to personally receive Xi on the tarmac at Joint Base Andrews, a rare honour, according to the South China Morning Post.

Sources

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