U.S. Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng in New York on Sunday, September 20, 2026, at JPMorgan Chase headquarters to discuss trade, artificial intelligence, and rare earth materials ahead of the planned September 24–25 summit between U.S. President Donald Trump and Chinese President Xi Jinping in Washington, D.C.
Bessent confirmed the meeting in a post on X (formerly Twitter), stating the talks were part of efforts to advance U.S. economic interests ahead of the high-stakes summit. U.S. Trade Representative Jamieson Greer also participated in the discussions.
Key developments discussed
The meeting follows prior bilateral talks between U.S. and Chinese officials in Paris in March 2026, where rare earth exports and trade commitments were raised. The discussions in New York are expected to address implementation of existing trade agreements, including a November 10, 2026 expiration of a U.S.-China trade truce, and potential new frameworks for AI governance and economic cooperation.
According to a U.S. administration official, the flow of rare earth minerals and critical materials from China has fallen short of Washington’s expectations, despite commitments under the current trade deal. The U.S. has also raised concerns about China’s financial ties with Iran, with the Trump administration having sanctioned three Chinese banks for dealings with Tehran.
Context and background
The New York talks are part of a broader diplomatic push ahead of the Trump-Xi summit, which will take place during the United Nations General Assembly in New York. The meeting at JPMorgan Chase was arranged amid heightened security in Manhattan, with the venue provided as a neutral location.
U.S. officials have emphasized monitoring compliance with trade commitments, including market access for American farmers, manufacturers, and workers, as well as optimizing trade in non-sensitive goods. The Chinese commerce ministry described the consultations as focusing on economic and trade issues of mutual concern, without providing further details.
AI and economic governance
In May 2026, the U.S. and China agreed to establish an intergovernmental dialogue on artificial intelligence safety and governance, separate from ongoing economic talks. The New York meeting is expected to build on this framework, with discussions likely to include AI security standards, export controls, and collaborative research frameworks.
Next steps
The outcomes of the New York talks will inform the September 24–25 summit in Washington, where Trump and Xi are expected to address trade imbalances, technological competition, and geopolitical tensions, including China’s relationship with Iran and North Korea. U.S. officials have stated that the administration seeks balanced trade relations while advancing American economic priorities.