U.S.-China Call Lays Groundwork for Upcoming Trump-Xi Meeting

Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held a trade call on July 30 to discuss numerous flashpoints between the two countries ahead of Chinese President Xi Jinping’s planned U.S. visit on September 24. The talks covered rare earths, U.S. agricultural products, and other disputes threatening a fragile trade truce between the world’s two largest economies. Both sides agreed to enhance communication before Xi’s visit, while Washington expects Beijing to fulfill its trade commitments. Bessent emphasized that the U.S. expects Beijing to fully meet its commitments on rare earths and U.S. agricultural products. The call also touched on the implementation of the Trade and Investment Boards as a mechanism to secure concrete progress toward a more balanced, fair, and constructive U.S.-China economic relationship. U.S. Trade Representative Jamieson Greer joined Bessent on the call, which was held to lay the groundwork for the upcoming Trump-Xi meeting. The two sides have been working to maintain a fragile detente, with Bessent and He meeting regularly over the past year and a half to discuss sensitive elements of U.S.-China relations, including tariffs, rare earths, and the social media app TikTok. However, recent developments, such as fresh import duties and access to rare earth minerals, have created cracks in the relationship. The U.S. has also expressed concerns over potential shipments of Chinese weaponry to Tehran and the rollout of Chinese artificial intelligence models, which have spurred worries in Washington.