US and China Hold Last-Minute Talks Before Trump-Xi Summit

US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng held an urgent follow-up meeting on Wednesday in Washington, D.C. The two officials were trying to finish work they had started just days before. Their goal was to prepare agreements for US President Donald Trump and Chinese President Xi Jinping to review at a White House summit on Thursday. Bessent said the two sides had 'unfinished business' from a Sunday meeting.

Bessent spoke to reporters before entering the World Bank building, where the Wednesday meeting was held. He said both countries want stability, but that it must be built on fairness. 'We want strategic stability but it has to be based in reciprocity and fairness,' he said. He did not answer questions about a trade truce between the two countries that is set to expire on November 10.

On Sunday, Bessent, He, and US Trade Representative Jamieson Greer had met in New York to prepare possible deals on trade and artificial intelligence. Bessent called those talks 'successful,' and said both sides agreed to create a hotline to alert each other about AI safety problems. However, China's state news agency only said the two sides 'discussed AI,' leaving it unclear whether China fully agreed to the plan.

Experts who study US-China relations say they do not expect much progress on AI cooperation because there is not enough trust between the two countries on this technology. President Trump has also said he would not slow down AI growth in the United States. He wants America to stay ahead of China in what he calls 'super intelligence.'

The biggest unresolved issue is the trade truce, which lowered tariffs — taxes on imported goods — after both sides had sharply raised them last year. China also agreed to allow the export of rare earth minerals, which are materials used to make electronics and other important products. US officials recently said China's delivery of those minerals 'has not been up to par.'

Trade Representative Greer said on Monday that talks about extending the trade truce would continue because there is still time. He said he believes both sides want to keep the truce going. However, he also said the US needs to keep pressure on China to make sure it follows through on its promises about critical minerals.

On Sunday, the two sides also talked about lowering tariffs on some everyday goods and having China buy more American products like Boeing airplanes, farm goods, and energy. Greer said both sides agreed to create a process called the 'Board of Trade' to figure out which goods could get tariff cuts. Chinese goods like consumer products and low-tech items were mentioned, along with US exports like energy, food, and medical devices.