Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng in New York City on Sunday, according to a report from CNBC. The meeting took place at JPMorgan Chase & Co. (NYSE: JPM) ahead of the anticipated summit between President Donald Trump and President Xi Jinping.
The discussions are intended to address key economic issues, including artificial intelligence, tariffs, and rare earths. Bessent described the talks as "focused, fulsome and constructive" in a post on X, stating that they are crucial for setting the stage for the upcoming summit in Washington, D.C., scheduled for September 24.
The meeting precedes Xi’s first visit to Washington during Trump’s second term. Notable figures, including JPMorgan CEO Jamie Dimon and Citigroup Inc. (NYSE: C) chief Jane Fraser, are expected to attend a state dinner during Xi’s visit.
The talks occur amid ongoing debates in Washington over AI safety and national security. The Trump administration is advocating for voluntary safeguards in this area. Additionally, Nvidia Corp. (NASDAQ: NVDA) CEO Jensen Huang is reportedly expected to attend a state dinner with Trump and Xi, highlighting the significance of tech discussions during the summit. President Trump has also announced plans to appoint a new AI adviser and establish an "AI force."
