Bessent calls US-China talks on trade and AI a success, plans more dialogue
The two sides agreed to hold another meeting on AI and the US proposed a notification system between the countries.
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Treasury Secretary Bessent said he had a very successful engagement with Chinese officials on trade and artificial intelligence. He said the two sides agreed to hold another meeting on AI dialogue, and that the US had suggested setting up a notification system between the two countries.
Bessent met China's Vice Premier He Lifeng at JPMorgan and called the talks fulsome. That meeting was meant to set the stage for a summit between President Trump and President Xi.
The engagement followed weeks of high-level contact between the US and China on trade and technology. Nvidia's Jensen Huang, Apple's Tim Cook and OpenAI's Sam Altman are set to attend a state dinner with Trump and Xi, amid US pressure on China over chip export limits, tariffs and rare earth supplies. Bessent was set to discuss AI and rare earths with China's Vice Premier over the weekend. Separately, USTR Greer says US and Chinese teams continue working on a board-of-trade agreement covering consumer goods and low-tech items. US Representative John Moolenaar has pressed Trump to tighten AI chip export limits on China, while Beijing has called the relationship constructively stable.
A successful outcome and continued AI dialogue point to some easing of tension in a relationship that has been a major source of geopolitical risk. A notification system and a more structured round of talks would reduce near-term uncertainty around trade and technology competition, factors that have weighed on equities and kept oil prices elevated. If it holds, it marks a steadier negotiating posture than the tariff threats of recent months, which would be modestly supportive for risk assets.