PiCK
Bessent Says US-China AI, Trade Talks ‘Very Successful’ Ahead of Trump-Xi Summit
Summary
- US Treasury Secretary Scott Bessent said high-level US-China talks were very successful, with discussions covering AI, trade, and investment.
- The two countries agreed to launch a US-China AI dialogue and share an understanding of common goals and threats through a notification mechanism and greater transparency.
- The two sides also fleshed out a Board of Trade and discussed ways to expand trade and ease trade barriers centered on goods with lower national-security sensitivity.
Forecast Trend Report by Period
US Treasury Secretary Scott Bessent called high-level talks between the US and China "very successful" ahead of a summit between President Donald Trump and Chinese President Xi Jinping.
Bloomberg reported on September 20 that Bessent made the remarks after several hours of discussions in New York with Chinese Vice Premier He Lifeng and other officials on artificial intelligence, trade and investment. China also described the talks as taking place in a positive atmosphere, and both sides agreed to continue follow-up negotiations through working groups.
The two countries also agreed to launch a new "US-China AI dialogue" to discuss shared goals and risks in artificial intelligence. The US proposed creating a notification mechanism, Bessent said, adding that Washington wants to share an understanding of common goals and common threats.
The notification system would cover incidents related to national security. Bessent emphasized the importance of greater transparency between the US and China, the world's two leading AI powers. US Trade Representative Jamieson Greer said the AI discussions did not address US export controls on China.
There was also progress on trade. Greer said both sides had fleshed out a "Board of Trade" that would serve as a stabilizing mechanism in bilateral relations and help lay the groundwork for a successful summit between Trump and Xi.
The two sides are discussing ways to expand trade by separately classifying goods with lower national-security sensitivity. Those goods could include Chinese consumer goods and low-tech products, as well as US energy, agricultural and medical products. The two countries had previously pursued plans through the Board of Trade framework to ease trade barriers on $30 billion of goods from each side.
There was no separate announcement on September 20 on whether the US-China trade truce, which expires in November, would be extended.
Trump is scheduled to hold a summit with Xi at the White House this week. Xi's state visit to Washington would be his first in more than a decade.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.