Bessent and Chinese Vice Premier hold talks on AI, trade, and critical minerals

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in New York on Sunday to prepare potential agreements on AI, tariffs, and critical minerals ahead of a summit between President Donald Trump and President Xi Jinping this week. The all-day talks at JP Morgan Chase’s headquarters included U.S. Trade Representative Jamieson Greer, focusing on a trade truce expiring Nov. 10, Chinese rare-earth flows, and AI guard rails. Analysts expect small steps rather than a breakthrough, with key issues including tariff cuts and Chinese pledges on U.S. agricultural purchases. The meeting follows a 16-month pattern of preparatory talks, including the November 2025 Busan truce capping tariffs at 20 percent. China’s critical mineral performance has been deemed insufficient, while AI discussions cover open-weight models, with U.S. officials seeking agreements on safety and avoiding system bifurcation.