US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held a second meeting this week on Wednesday to resolve outstanding issues ahead of a planned summit between US President Donald Trump and Chinese President Xi Jinping.
Bessent said the discussions were focused on “unfinished business” from talks held on Sunday, as Washington and Beijing work to prepare possible agreements for the leaders to consider.
“We want strategic stability but it has to be based in reciprocity and fairness,” Bessent told reporters before entering the World Bank headquarters in Washington.
The two sides have yet to settle the future of their trade truce, which is due to expire on November 10. The agreement sharply reduced tariffs after an earlier escalation that pushed duties between the two countries into triple digits.
Bessent, He and US Trade Representative Jamieson Greer met in New York on Sunday to discuss trade and artificial intelligence. Bessent said the talks produced an agreement to establish a communication hotline for reporting AI safety incidents, although China’s state news agency only confirmed that AI issues were discussed.
US and Chinese officials also discussed possible tariff reductions on selected non strategic goods, as well as increased Chinese purchases of Boeing aircraft and US agricultural products.
Greer said Washington would continue pressing Beijing over commitments to supply rare earth magnets and other critical minerals. US officials have said recent Chinese deliveries have fallen short of expectations.
The Sunday talks also revived a process agreed by Trump and Xi in May to identify possible tariff reductions on non strategic goods. Potential Chinese exports could include consumer and low technology products, while US goods could include energy, agricultural products and medical devices.
US and Chinese officials are expected to continue negotiations as they seek to prepare agreements for the Trump Xi summit.
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