US Treasury Secretary Scott Bessent is expected to meet Chinese Vice Premier He Lifeng this weekend as Washington and Beijing continue economic discussions ahead of a planned meeting between US President Donald Trump and Chinese President Xi Jinping.
Bessent said the talks with He are expected to take place in New York on Sunday. The meeting comes ahead of the planned Trump-Xi summit on September 24, although Beijing had not yet officially confirmed the leaders’ meeting at the time of the announcement.
The discussions are expected to cover economic and trade issues as well as China’s financial relationship with Iran. Washington has been seeking greater international cooperation in restricting financial channels that support Iran.
The meeting follows earlier talks between Bessent and He under the US-China economic and trade consultation mechanism. Their discussions in July were described by Bessent as constructive, with both sides agreeing to maintain communication on economic matters.
Trade remains another major issue between the two countries. Washington and Beijing have been discussing possible reductions in tariffs on selected goods as part of efforts to stabilize their economic relationship.
China and the United States have also been working toward establishing a Board of Trade, with discussions involving potential tariff reductions covering about US$30 billion worth of goods.
Despite the ongoing negotiations, disagreements remain over trade restrictions and other economic policies. Washington has continued to impose restrictions and sanctions affecting Chinese companies in certain areas, while Beijing has raised concerns about measures it considers harmful to Chinese businesses.
He, who oversees China’s economic and financial affairs, has become a key Chinese counterpart in negotiations with Washington. His meetings with Bessent have focused on trade, tariffs and broader economic relations between the world’s two largest economies.
The weekend meeting is expected to provide an opportunity for both sides to address outstanding issues before the planned Trump-Xi summit. The outcome of the economic discussions could help shape the agenda for the leaders’ meeting later this month.
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