Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met on Sunday at JPMorgan Chase's headquarters in Manhattan to discuss economic and trade relations. The meeting served as a preliminary discussion ahead of a summit between President Donald Trump and Chinese President Xi Jinping scheduled for Thursday in Washington. U.S. Trade Representative Jamieson Greer also participated in the talks, which Greer said were intended to facilitate mutually beneficial trade between the two nations.
Following the meeting, Bessent characterized the conversations regarding trade and artificial intelligence (AI) as successful. The two countries agreed to hold further dialogues specifically focused on AI. A central component of these discussions involved a proposed "notification mechanism" intended to share information regarding national security-related AI incidents. Bessent stated this mechanism is intended to move from opacity toward transparency between the two countries in the AI sector.
On the topic of trade, Bessent reported that both sides are utilizing a newly operationalized "board of trade" to identify goods for exchange. The officials are working to identify non-sensitive items—such as agricultural products, energy, low-tech consumer goods, and potentially medical devices—that could be traded in a balanced manner. Greer noted the administration's intent to monitor the implementation of recent trade commitments and improve market access for American manufacturers and farmers.
The outcome of these negotiations affects American farmers, manufacturers, and workers by shaping the rules for market access and the types of goods that can be exported to China. With the U.S. and China operating as the two largest economies in the world, the established "board of trade" and the proposed AI notification mechanism represent structures for managing economic and security risks.
The administration seeks to optimize trade for the U.S. agricultural and manufacturing sectors. While specific dollar amounts for the new trade balance were not reported, the discussions address an expiring trade agreement and the management of critical minerals. These decisions may eventually affect the cost of medical devices and energy products.
The focus on AI transparency follows calls from some industry leaders to impose safeguards. By moving toward a notification mechanism for national security incidents, the two nations are attempting to increase transparency in the technology sector. The next step is the summit and state dinner on Thursday, September 24, where President Trump and President Xi are expected to address these preliminary agreements and the broader trade relationship face-to-face in Washington.