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US and Chinese officials to meet in New York ahead of Summit
Economy
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will hold trade talks in New York on Sunday.
This is laying the groundwork for a summit between President Donald Trump and Chinese President Xi Jinping, scheduled for September 24 in Washington, Bloomberg reports.
The meeting will mark the first face-to-face dialogue between Bessent and He Lifeng since their meeting near Seoul four months ago, which preceded Trump’s visit to Beijing in May. US Trade Representative Jamieson Greer will also participate in the talks.
"The Trump administration will continue to pursue balanced trade with China by monitoring the implementation of recent agreements, streamlining trade in non-sensitive goods, and expanding market access for American farmers, manufacturers, and workers," Greer said in a statement Friday evening.
A Tense Agenda Amid an Expiring Tariff Truce
Sunday’s talks come at a critical moment for both economies, as the parties seek to maintain stability ahead of the November expiration of the current tariff truce. Key topics dominating the negotiations include:
* Energy: Addressing the impact on global energy markets caused by the war in Iran.
* Technology and AI: Regulating bilateral trade amidst the ongoing artificial intelligence boom.
* Agricultural and Industrial Access: Lowering tariffs on US agricultural and energy exports as part of broader efforts to reduce trade barriers on $30 billion worth of goods from each country via the Trade Council mechanism.
The urgency of extending the agreement is mounting for the U.S. side ahead of the November 3 midterm elections, where voter anxiety over persistent inflation remains a key political issue.
As a gesture of goodwill prior to the bilateral talks, the U.S. administration has postponed a planned announcement regarding new tariffs—stemming from allegations of excess production capacity among trading partners—until after the meeting concludes, Bloomberg reports, citing informed sources.