U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng opened a new round of high-level economic talks in New York on September 20, with tariffs, critical-mineral supplies, artificial intelligence and selected investment restrictions among the issues under discussion. The meeting is intended to prepare for an upcoming U.S.-China leaders’ summit and also includes discussions over whether to extend the current trade truce, which is scheduled to expire in November. No new tariff reduction or investment-policy agreement had been announced at the time of reporting.
The meeting is the latest in a series of senior-level economic discussions between Washington and Beijing.
Bessent is leading the U.S. side of the economic dialogue, alongside other senior trade officials, while He is heading the Chinese delegation.
Critical minerals remain one of the central topics.
The U.S. has been seeking broader access to Chinese export licenses for rare earths and other strategically important materials.
Those materials are widely used in permanent magnets, electric vehicles, electronics, defense applications and advanced materials manufacturing.
The two sides are still discussing licensing and supply arrangements, and no new formal agreement has been announced.
Tariffs are another major part of the talks.
The U.S. and China are currently operating under a temporary trade truce that has suspended or reduced some additional tariff measures.
That arrangement is scheduled to expire in November.
The September 20 meeting includes discussions on whether to extend the truce and whether tariffs on some goods considered non-strategic could be reduced.
No broad new tariff-cutting package had been announced as of September 20.
Investment restrictions are also part of the agenda.
Reuters reported that the discussions include the possibility of easing some investment restrictions, particularly in pharmaceuticals and other selected sectors.
No final list of affected industries, implementation conditions or timetable has been released.
The pharmaceutical issue is relevant to cross-border investment involving drugmakers, biotechnology companies and life-science businesses in both countries.
U.S. restrictions on Chinese investment and technology access have expanded in recent years, while Chinese companies have also increased overseas licensing, manufacturing and research partnerships.
Artificial intelligence is another subject under discussion.
The U.S. side has indicated interest in addressing AI security and broader risk-management issues, including questions surrounding open-weight models and technology diffusion.
The two countries continue to maintain significant policy differences over AI, semiconductors, advanced computing and export controls.
The talks also cover future commercial engagement between businesses from both countries.
A Chinese business delegation is expected to visit the United States, following earlier visits by U.S. corporate executives to China.
Chinese companies in autos, batteries, electronics and other industries continue to face U.S. market-access reviews, national-security scrutiny and investment restrictions.
The New York talks are also intended to lay groundwork for a subsequent meeting between the U.S. and Chinese presidents.
Trade-truce duration, critical-mineral export licensing, tariff arrangements, investment restrictions and other bilateral economic issues remain under discussion.
As of September 20, neither side had announced a final new agreement on tariffs, critical minerals or pharmaceutical investment restrictions.
