US, China open new AI dialogue ahead of Trump-Xi summit

Scott Bessent met with China's Vice Premier He Lifeng in New York. The meeting took place at JPMorgan Chase's headquarters in Manhattan, where they discussed artificial intelligence and trade, among other topics. The Treasury Secretary described the meeting as "very successful" and announced that both countries agreed to establish a "notification mechanism" regarding artificial intelligence to exchange information on common objectives and threats related to this technology.

The meeting between Bessent and He took place on the eve of the meeting between President Donald Trump and Xi Jinping, General Secretary of the Communist Party of China (CPC), at the White House.

"In New York City, Vice Premier He Lifeng and I are continuing our discussions on the U.S.-China economic and trade relationship ahead of the [the president's] historic summit with President Xi in Washington," Bessent noted on his X account.

"These talks help lay the groundwork for President Trump to advance America’s economic interests and deliver results for the American people.," he added.

Furthermore, speaking with reporters in New York, the Treasury Secretary mentioned an agreement to establish a channel of communication between Washington and Beijing on artificial intelligence: "What we discussed was setting up a mechanism. So it's going to be called the US-China AI dialogue. We've agreed to meet again."

'Balanced trade'  with China

Jamieson Greer, the U.S. Trade Representative, who also participated in the meeting, noted that the talks aimed to lay the groundwork for the upcoming meeting between Trump and Xi Jinping and to move toward a more balanced trade relationship between the two countries.

"The Trump Administration will continue to seek balanced trade with China by monitoring the implementation of recent commitments, optimizing trade in non-sensitive goods, and improving market access for American farmers, manufacturers, and workers," he added.