US and Chinese officials begin trade talks in New York ahead of Trump-Xi summit

The world’s two largest economies sat down across the table from each other in Manhattan on September 20, with US and Chinese trade officials holding preparatory negotiations ahead of a planned summit between President Donald Trump and President Xi Jinping. The venue: JPMorgan Chase headquarters. Leading the US delegation were Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. Chinese Vice Premier He Lifeng headed his country’s team. The talks covered economic deliverables, AI safety and governance, critical mineral trade, and the looming expiration of the current trade truce. What’s on the table The New York meeting was designed to produce concrete outcomes that Trump and Xi can sign off on when they meet in Washington, D.C. Critical minerals occupied a significant portion of the conversation. China controls processing capacity for many of the rare earth elements essential to everything from EV batteries to fighter jets. Perhaps the most time-sensitive issue: the US-China trade truce negotiated at the October 2025 Busan meeting expires on November 10, 2026. That gives both sides less than two months to either extend the agreement, replace it with something m...