US Treasury Chief and Chinese Vice Premier to Meet: Safeguarding American Interests on AI, Trade, and Minerals Ahead of Trump-Xi Summit
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U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will negotiate on artificial intelligence, tariffs, and critical minerals, as the Trump administration stands firm to protect American jobs and technology from Chinese exploitation ahead of the Washington summit.
U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are set to meet on Sunday to defend American interests in crucial talks on artificial intelligence, tariffs, and critical minerals. These discussions come as President Donald Trump prepares to host President Xi Jinping in Washington, reinforcing the administration’s commitment to confronting China’s unfair trade practices and technological ambitions.
The talks will focus on the status of a U.S.-China trade truce set to expire on Nov. 10, the flow of Chinese rare-earth magnets and other critical minerals—resources vital to American industry—and the establishment of 'guard rails' for AI following recent security breaches involving AI models. The U.S. must remain vigilant to ensure that China does not gain the upper hand in these strategic sectors.
Analysts predict only modest progress, as China continues to resist meaningful reforms. '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 Trump administration is right to temper expectations and avoid concessions that could weaken America’s position.
Key issues from the May meeting in Beijing remain unresolved, including proposals to cut tariffs on non-strategic goods and Chinese promises to increase purchases of U.S. agricultural products and Boeing aircraft. The current truce, reached in Busan, capped U.S. tariffs on Chinese goods at about 20 percent, but a senior U.S. official noted that China’s delivery on critical-mineral commitments has been inadequate, highlighting the need for continued pressure.
Bessent emphasized that AI discussions will cover both open-weight models, which can be downloaded and fine-tuned, and closed-weight systems. He pointed out that Chinese open-weight models are gaining traction with U.S. firms due to lower costs, a potential threat to American technological leadership. '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, making clear that the U.S. will not allow China to dictate the terms of technological cooperation.
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. As always, the Trump administration remains focused on protecting American workers and industries from Chinese exploitation.