US and China launch talks on AI, trade, and critical minerals

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will meet Sunday in New York to prepare potential agreements on AI, tariffs, and critical minerals ahead of a high-stakes Washington summit between Presidents Donald Trump and Xi Jinping this week. The all-day talks at JP Morgan Chase headquarters, including US Trade Representative Jamieson Greer, will address the US-China trade truce expiring November 10, insufficient flows of Chinese rare-earth magnets and critical minerals, and AI security guardrails after reported breaches. Analysts expect small steps to avoid escalating tensions rather than a breakthrough. The meeting follows a 16-month pattern of trilateral discussions in European and Asian cities, building on the November 2025 Busan truce that capped US tariffs at about 20% after earlier escalation. Outstanding issues include tariff cuts on non-strategic goods, Chinese pledges to buy $17 billion in US agricultural products annually, and over 200 Boeing aircraft.