US Treasury Chief and Chinese Vice Premier to Meet: Corporate Interests Dominate AI, Trade, and Mineral Talks Ahead of Trump-Xi Summit
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U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are set to discuss artificial intelligence, tariff reductions, and critical mineral supplies, prioritizing corporate profits over workers' rights and environmental concerns, as they prepare for the Trump-Xi summit in Washington.
U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to meet on Sunday, once again putting the interests of multinational corporations and political elites above those of ordinary people. Their agenda—artificial intelligence, tariffs, and critical minerals—reflects a persistent focus on profit and technological dominance, rather than addressing the urgent needs of workers, consumers, and the environment. The meeting comes ahead of the high-profile Washington summit between President Donald Trump and President Xi Jinping, where global economic power will be negotiated behind closed doors.
The talks will revisit the so-called U.S.-China trade 'truce' that expires on Nov. 10, a temporary measure that has done little to protect labor rights or prevent environmental degradation. The flow of Chinese rare-earth magnets and other critical minerals—resources often extracted under exploitative conditions—will be discussed, as will the establishment of 'guard rails' for AI. These measures are a response to recent security breaches, yet they do little to address the deeper ethical and social risks posed by unchecked AI development.
Analysts expect only modest steps, with both sides eager to avoid escalation that could disrupt the profits of global capital. 'I think there will be some show of deliverables because of the fact that it's a presidential summit coming, but I don't feel like we're on the verge of some sort of breakthrough,' said Anna Ashton, a China-trade analyst. The status quo, which benefits the wealthy and powerful, is likely to persist.
Key issues from the May meeting in Beijing remain unresolved, including proposals to cut tariffs on non-strategic goods and Chinese promises to buy more U.S. agricultural products and Boeing aircraft—moves that serve corporate interests rather than public welfare. The current truce, reached in Busan, capped U.S. tariffs on Chinese goods at about 20 percent, but a senior U.S. official admitted China has not fulfilled its commitments on critical minerals, a sector notorious for labor abuses and environmental harm.
Bessent indicated that AI discussions will cover both open-weight models, which can be downloaded and fine-tuned, and closed-weight systems. He noted that Chinese open-weight models are gaining traction with U.S. firms due to lower costs, a clear sign of the relentless drive to maximize profit at the expense of ethical considerations. 'The United States remains the leader in AI. And we are open to discussions on avoiding shared risks and avoiding bifurcation of our two systems,' Bessent said, glossing over the broader societal impacts of AI proliferation.
The two sides also plan to revive a 'Board of Trade' mechanism to reduce tariffs on non-strategic goods and to address investment issues, including potential U.S. pharmaceutical investments in Chinese drug development. China's Ministry of Commerce announced that He will lead a delegation of Chinese companies to the United States for economic and trade consultations before the summit, mirroring a U.S. business delegation that visited Beijing in May. Once again, the voices of workers, communities, and the environment are sidelined in favor of elite deal-making.