US Treasury Secretary Bessent Meets Chinese Vice Premier Ahead of Trump-Xi Summit
The two officials discussed trade and economic matters in New York, setting the stage for President Trump's meeting with Xi Jinping later this week.
Treasury Secretary Scott Bessent met with China's Vice Premier He Lifeng in New York City on Sunday to discuss trade and economic relations, aiming to lay the groundwork for an upcoming summit between President Trump and Chinese leader Xi Jinping. The meeting took place at JPMorgan Chase & Co.'s headquarters in Manhattan.
“I’m looking forward to focused, fulsome and constructive talks today that will set the stage for leaders meeting in Washington later in the week,” Bessent told reporters before the meeting. This discussion precedes President Trump's high-stakes summit with Xi Jinping, scheduled for Thursday.
The Trump administration reportedly decided to delay imposing tariffs on China related to excess manufacturing capacity until after the summit, according to Bloomberg News. The trade relationship between the two nations has been tense, marked by significant tariffs imposed by Trump's administration last year, which were met with retaliatory measures from China.
He Lifeng, who oversees China’s economic and financial affairs, last met with Bessent in person in May during Trump's visit to Beijing. The trade truce between the U.S. and China, formalized last November, is set to expire in November.
Concerns over artificial intelligence have also emerged as a significant issue, with many U.S. lawmakers urging the Trump administration to establish guardrails for the technology in coordination with China. Both countries have reportedly been exploring ways to reduce tariffs on U.S. energy and agricultural exports.
Bessent described his meeting with He as part of an effort to "advance America’s economic interests." He also shared a statement on social media, saying, "In New York City, Vice Premier He Lifeng and I are continuing our discussions on the U.S.-China economic and trade relationship ahead of @POTUS’ historic summit with President Xi in Washington. These talks help lay the groundwork for President Trump to advance America’s economic…"
This meeting underscores the complex diplomatic efforts underway as the leaders of the two largest economies prepare to meet. Xi Jinping has not visited the U.S. since 2023, and his last visit to the White House was in 2015. President Trump visited China in May.