Bessent meets China Vice Premier He Lifeng ahead of Trump-Xi summit

Treasury Secretary Scott Bessent is meeting with Chinese Vice Premier He Lifeng ahead of Chinese President Xi Jinping's visit to the U.S. this week. The talks are expected to cover artificial intelligence, tariffs, rare earths and other economic issues ahead of Trump and Xi's Sept. 24 summit in Washington, D.C. "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 [President Donald Trump's] historic summit with President Xi in Washington," Bessent said in a post to X along with a photo of himself and He. He added: "These talks help lay the groundwork for President Trump to advance America's economic interests and deliver results for the American people." In brief remarks to reporters before the meeting at JPMorgan Chase in New York, Bessent said he looks forward to "focused, fulsome and constructive talks today that will set the stage" for this week's summit between the leaders of the world's two largest national economies. U.S. Trade Representative Jamieson Greer is also expected to participate in the talks. The meeting comes before Xi's high-stakes visit to Washington this week, his first during Trump's second term. Trump visited Beijing earlier this year amid escalating tensions between the world's largest economies. Bessent's meeting with He also comes amid intensifying debate in Washington over the safety of artificial intelligence and national security as the U.S. and China compete for technological leadership. The Trump administration has favored voluntary and national-security-focused safeguards over broad mandatory rules for AI developers. The issue is expected to be part of discussions between Xi and Trump during the Chinese president's visit. Top AI executives have recently warned that the technology could quickly become out of control and poses sweeping new threats. They urged Washington to set guardrails and regulations on the industry, something Trump himself has recently derided. CNBC reported Friday that JPMorgan CEO Jamie Dimon and Citigroup chief Jane Fraser are expected at a state dinner during Xi's visit. OpenAI CEO Sam Altman and Nvidia chief Jensen Huang are also set to attend. The summit in Washington is expected to include high-stakes economic dialogue as the U.S. and China remain locked in competition. In addition to AI, the summit is likely to broach other issues such as trade and tariffs. A key part of the current U.S.-China trade truce — Washington's suspension of heightened reciprocal tariffs on Chinese imports — is scheduled to expire Nov. 10. The current truce includes Chinese commitments on rare-earth exports and U.S. agricultural purchases, while the Trump administration reduced some tariffs and suspended higher reciprocal tariffs on Chinese goods.