US and China hold second day of trade talks in New York
Negotiators focused on AI and investment as both sides prepare implementation of deals reached ahead of the Trump-Xi summit
Published
U.S. and Chinese officials held a second day of trade talks in New York on Monday, working through details of artificial intelligence cooperation, investment rules and the implementation of agreements struck by their lead negotiators.
The talks come three days before President Trump and President Xi Jinping are set to meet in Washington on September 24 for discussions covering tariffs, trade and critical minerals. Trump is also expected to decide this week on a separate U.S.-China artificial intelligence deal, a decision that will run alongside the Treasury-level talks and the summit itself.
China's dominance in rare earths remains part of the backdrop. JL Mag Rare Earth has said it plans to add as much as 20,000 tons of annual production capacity by 2028, as Washington continues to press Beijing over supply of the minerals used in defense and electronics manufacturing. Investors are also watching Taiwan's August export orders and unemployment figures for signs of how the region's trade flows are holding up ahead of the summit.
Markets have shown signs of positioning for the meeting, with the 10-year Treasury yield easing to 4.95% and bitcoin climbing 6.7% above $86,000 as the Trump-Xi summit approached. With this week's talks producing no concrete outcomes and the emphasis falling on implementing AI provisions rather than striking new agreements, traders are left in a holding pattern, with tariff and broader trade uncertainty unresolved until the leaders meet.