Bessent and He to meet in New York on AI, trade, and critical minerals

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will meet Sunday in New York to discuss AI, tariffs, and critical minerals ahead of a Trump-Xi summit this week. The talks aim to tee up potential agreements between the two leaders. The meetings at JP Morgan Chase's headquarters, also involving U.S. Trade Representative Jamieson Greer, will address the status of a trade truce expiring November 10, Chinese rare-earth flows deemed insufficient by US officials, and potential AI guard rails. Analysts expect small steps to show progress rather than a breakthrough, with both sides likely favoring the status quo. Many issues stem from the May Beijing summit, including tariff cuts on non-strategic goods and Chinese pledges to boost US agricultural purchases by $17 billion annually and buy over 200 Boeing aircraft. The truce, reached in Busan in November 2025, capped US tariffs at about 20% after earlier escalation, though the Supreme Court struck down those duties and the administration has been rebuilding them under new authorities