US Treasury chief says meeting with China on trade, AI ‘very successful’

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US Treasury Secretary Scott Bessent touted a “very successful” meeting on trade and artificial intelligence with Chinese officials Sunday, adding that both sides discussed greater communication on AI threats.

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“We just had a very successful engagement with the Chinese,” Bessent told reporters after the all-day meeting with Vice Premier He Lifeng.

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The discussions, which also included top US trade official Jamieson Greer, lasted around eight hours and set the stage for possible agreements on trade, AI and other issues before a summit of the countries’ top leaders.

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US President Donald Trump and his Chinese counterpart Xi Jinping are due to meet Thursday in Washington.

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Bessent said the US proposed a notification mechanism between the two countries for incidents like security threats.

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“What we discussed was setting up a mechanism. So it’s going to be called the US-China AI dialogue,” he said. “We’ve agreed to meet again.”

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Bessent and Lifeng also spoke one-on-one during the gathering that took place at JPMorgan Chase’s headquarters in New York.

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Chinese official Li Chenggang, who was elevated to a top-level international trade representative post shortly before the meetings, was present too.

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Greer added that it is “imperative that we are able to work together.”

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Both sides are looking to ease tensions on trade, technology and other strategic concerns.

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These include the possible extension of a trade truce and guardrails for AI development.

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US officials are also looking to ensure the continued flow of rare earth magnets and critical minerals that are vital for US manufacturers.

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Working-level meetings could continue into Monday, a source familiar with discussions earlier told AFP.

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Previous negotiations saw China pledge purchases of US agricultural goods, and their fulfilment of the terms could also be an issue under scrutiny.

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AFP

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