US and China hold economic talks in New York ahead of White House summit

US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng convened in Manhattan on Sunday for high-level economic negotiations covering artificial intelligence security, critical minerals and bilateral trade tensions ahead of an upcoming summit between President Donald Trump and Chinese President Xi Jinping. The discussions took place at JPMorgan Chase headquarters, where Bessent told reporters he anticipated "focused, fulsome and constructive talks" alongside US Trade Representative Jamieson Greer.

Bessent wrote on the social media platform X that the engagement helps lay the groundwork for Trump to advance US economic interests. "These talks help lay the groundwork for (US) President (Donald) Trump to advance America's economic interests and deliver results for the American people," he stated, noting that the dialogue continues ahead of the White House summit.

Beijing's response and agenda

China's state-run Xinhua News Agency reported that the two sides held "candid, in-depth and constructive exchanges" on economic and trade issues of common concern. They also engaged on AI-related matters and the implementation of consensus reached in previous negotiations, with discussions initially involving full delegations before the ministers separated for private one-on-one sessions.

The American side was expected to press Chinese officials on trade compliance, specifically urging Beijing to fulfill agricultural purchase commitments while addressing critical mineral export flows, according to Fox Business news channel. Negotiators sought common ground on AI and rare earth supplies to present a framework allowing Trump to make a "thumbs up or thumbs down" decision prior to the White House summit.