Bessent and China's Deputy PM meet in New York to prevent market turbulence

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are meeting today at JPMorgan Chase headquarters in Manhattan for comprehensive talks, ahead of a summit between Trump and Xi Jinping in Washington this week.

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are meeting today (Sunday) at JPMorgan Chase headquarters in Manhattan for comprehensive talks, aimed at preventing market turbulence. According to reports, U.S. Trade Representative Jamison Grier is also participating in the talks.

On the agenda: the commercial ceasefire between the countries, which is set to expire on November 10, supply chains of critical minerals and rare earth metals, artificial intelligence agreements and tariff reductions on non-strategic goods.

The talks are designed to lay groundwork for a summit between President Trump and Chinese President Xi Jinping, scheduled for this week in Washington. According to reports, previous agreements between the countries set U.S. tariffs on Chinese goods at approximately 20 percent, and China committed to increasing purchases of U.S. agricultural equipment by $17 billion annually and to purchasing more than 200 Boeing aircraft.

A senior U.S. official said that Beijing's performance on the mineral supply issue 'has not been as required,' and that the topic will be at the center of the discussions.