U.S.-China Economic Talks Ahead of Trump-Xi Summit
Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng in New York ahead of President Donald Trump's scheduled summit with Chinese President Xi Jinping on September 24. The discussions focused on key economic issues including artificial intelligence, tariffs, and rare earths trade. These talks aim to set the stage for broader negotiations during the leaders' meeting, which is expected to address high-stakes economic relations between the world’s two largest economies. The current U.S.-China trade truce includes a suspension of higher reciprocal tariffs on Chinese imports that will expire on November 10. The ongoing dialogue also comes amid growing concerns in Washington over AI safety and national security, with top executives urging regulatory guardrails for the industry. Trump has largely favored voluntary safeguards rather than broad mandatory rules. The summit is expected to include participation from major financial institution leaders such as JPMorgan CEO Jamie Dimon and Citigroup’s Jane Fraser at a state dinner during Xi's visit.
Tickers: $JPM
Topics: AI Regulation Rare Earths Tariffs Trade Talks