Scott Bessent calls China talks on AI, trade very successful ahead of Trump-Xi summit

US Treasury Secretary Scott Bessent called his September 20 meeting with Chinese Vice Premier He Lifeng in New York "very successful," saying the talks covered AI safety guardrails, trade policy, investment frameworks, and critical minerals ahead of a September 24 summit between President Trump and President Xi Jinping. The two sides agreed to schedule a dedicated follow-up dialogue on AI after the summit, focused on frameworks for open-weight and closed-weight models to keep advanced systems from reaching malign actors, and to hold preparatory discussions on critical mineral governance. The current US-China trade truce expires November 10, leaving both sides less than two months to decide whether to extend the ceasefire or return to escalating tariffs.

Scott Bessent calls China talks on AI, trade very successful ahead of Trump-Xi summit The treasury secretary's meeting with Chinese Vice Premier He Lifeng covered AI safety guardrails, critical minerals, and a trade truce set to expire in November US Treasury Secretary Scott Bessent sat down with Chinese Vice Premier He Lifeng in New York on September 20 and walked away calling the meeting “very successful.” The talks covered a dense agenda: AI safety, trade policy, investment frameworks, and the increasingly strategic question of who controls the world’s critical minerals. All of it is prelude to the main event, a summit between President Trump and President Xi Jinping scheduled for September 24. What the two sides actually discussed The AI portion of the conversation centered on guardrails. Specifically, both sides discussed frameworks for open-weight and closed-weight AI models designed to prevent advanced systems from ending up in the hands of malign actors. The two sides agreed to schedule a dedicated follow-up dialogue on AI after the summit. Critical minerals also featured prominently. China dominates the global supply of rare-earth elements. The US and China agreed on preparatory discussions around critical mineral governance, a topic that carries enormous weight for technology supply chains worldwide. Chinese officials described the discussions as constructive. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. The trade truce ticking clock Hovering over all of this is a deadline. The current US-China trade truce is set to expire on November 10, giving both sides less than two months to decide whether they extend the ceasefire or return to escalating tariffs. Earlier in 2026, the two countries had already established forums for ongoing economic dialogue, including a Board of Trade and a Board of Investment. Those mechanisms were designed to create structured channels for managing disagreements before they spiral into full-blown trade wars. The September 20 meeting effectively served as a final prep session before Trump and Xi meet face-to-face. Why AI governance is suddenly a bilateral priority The agreement to hold a dedicated AI dialogue after the summit suggests both sides see an opening. Critical mineral supply chains represent another pressure point. China’s dominance in rare-earth processing gives it significant leverage, and any framework that provides more predictability around mineral trade would benefit companies across the technology and defense sectors that depend on steady access. If Trump and Xi emerge with concrete agreements on trade extension timelines, AI cooperation frameworks, and mineral supply commitments, it would mark a meaningful stabilization in the relationship. If the summit produces only vague pledges and photo opportunities, the November 10 trade truce deadline will start looking a lot more ominous. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy https://cryptobriefing.com/editorial-policy/ .