U.S. and Chinese Officials Hold Pre-Summit Talks, Outcomes Deemed Procedural
| Pair | Now | Since publish |
|---|---|---|
| USDCNY | — | — |
- U.S. Treasury Secretary Bessent met Chinese Vice Premier He Lifeng.
- Talks covered AI, tariffs, rare earths ahead of Trump-Xi summit.
- Bessent called talks “very successful” but outcomes were procedural.
U.S. Treasury Secretary Scott Bessent recently met with Chinese Vice Premier He Lifeng ahead of a planned summit between President Donald Trump and President Xi Jinping on Sept. 24 in Washington, D.C. The discussions reportedly covered a range of economic issues, including artificial intelligence, tariffs, and rare earths. Secretary Bessent characterized the talks as “very successful,” though initial reports indicate the outcomes were largely procedural, without specific details on tariff rates or purchase volumes. While the constructive tone is noted, markets are not expected to view these preliminary discussions as a significant breakthrough, particularly as sensitive areas like chips and rare earths appear to remain outside immediate tariff relief mechanisms. Potential beneficiaries, such as U.S. energy and agricultural exporters, await further clarity on Chinese demand and tariff treatment for their goods.