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Scott Bessent from the US Treasury and He Lifeng from China held talks on September 20 at JPMorgan Chase’s headquarters in New York, ahead of a planned October 24 meeting between Presidents Trump and Xi Jinping. The discussions focused on easing trade tensions, artificial intelligence development, and securing critical mineral supplies, with potential for more working-level meetings the following day. Both sides aim to extend their current trade truce set to expire in November.
Written locally by qwen2.5:14b on 2026-09-21,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Scott Bessent, U.S. Treasury Secretary, met with He Lifeng, Chinese Vice Premier, on September 20, 2026, in New York City ahead of a planned summit between President Donald Trump and Chinese leader Xi Jinping scheduled for September 24 in Washington. The talks focused on trade issues, tariffs, rare earth minerals, and artificial intelligence (AI), setting the stage for discussions at the leaders' meeting. U.S. Trade Representative Jamieson Greer also participated in the all-day session held at JPMorgan Chase's headquarters. Treasury Secretary Bessent called the engagement "very successful," emphasizing a proposed mechanism to enhance communication on AI security threats between the two nations. The summit aims to ease tensions and address economic and strategic concerns, though analysts predict limited breakthroughs due to ongoing great power competition. Markets responded positively to news of the productive talks, with Asian stocks advancing on Monday.
Written for “US-China Trade Talks Ahead Summit” on 2026-10-05,
grounded in this article and the 29 other(s) covering the same event.
US Treasury’s Bessent and China’s He Lifeng meet ahead of Trump-Xi summit
NEW YORK -
asserted
Bessent → meet → summit
US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng began talks on Sept 20, as they set the stage for possible agreements on trade, AI and other issues before a summit of the countries’ top leaders.
asserted
they → begin → leaders
The talks, which also include President Donald Trump’s top trade official Jamieson Greer, are expected to last all day at JPMorgan Chase’s headquarters in New York.
asserted
which → include → York
Both sides will be looking to ease tensions on trade, technology and other strategic concerns.
asserted
sides → look → trade
These include the possible extension of a trade truce expiring in November and guardrails for artificial intelligence development.
asserted
These → include → development
“I’m looking forward to have focused, fulsome and constructive talks today that will set the stage for our leaders’ meeting,” Bessent told reporters as he arrived for the talks of Sept 20.
asserted
he → look → Sept
US officials will also be looking to ensure the continued flow of rare earth magnets and critical minerals that are vital for US manufacturers.
asserted
that → look → manufacturers
A source familiar with the discussions told AFP that the talks will focus on AI, trade, rare earths and other topics, building on earlier rounds of bilateral talks.
asserted
talks → tell → talks
Working level meetings could continue into Sept 21, added the source.
uncertain
source → work → Sept
Earlier negotiations saw China pledge purchases of US agriculture goods too, and their fulfilment of the terms could also be an issue under scrutiny.
uncertain
fulfilment → see → scrutiny
On AI talks, Bessent said in an earlier statement: “We are open to discussions on avoiding shared risks and avoiding bifurcation of our two systems.”
asserted
We → say → systems
Another issue is US economic pressure on Iran, as Washington’s war with Tehran has entered its seventh month.
asserted
war → enter → month
China is a top economic partner of Iran that buys much of its oil output and a key diplomatic backer.
asserted
that → buy → output
Analysts caution that expectations for the Trump-Xi summit are low.
asserted
expectations → caution → summit
“One of the only things we can hope for in the short term is a truce, and that this will likely continue through the remainder of this year,” said former US deputy secretary of state Kurt Campbell.
asserted
Campbell → hope → state
“I think you will hear the president announce the intention to meet with Xi Jinping two more times,” added Campbell, who is now chairman of The Asia Group consultancy.
asserted
who → think → consultancy
Trump and Xi are expected to meet in November at the Asia-Pacific Economic Cooperation (APEC) forum in Shenzhen, China.
asserted
Trump → expect → Shenzhen
Trump is also anticipated to invite Xi to the G-20 summit in December at his Doral resort in Miami.
asserted
Trump → anticipate → Miami
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