Bessent, He Lifeng meet before Trump-Xi summit

Treasury Secretary Scott Bessent mentioned on Sunday he had a profitable assembly with Chinese language Vice Premier He Lifeng forward of Chinese language President Xi Jinping‘s go to to the U.S. this week.

The talks lined artificial intelligence and trade, amongst different points forward of Trump and Xi’s Sept. 24 summit in Washington, D.C.

Bessent, rising from the assembly alongside U.S. Commerce Consultant Jamieson Greer, mentioned the 2 sides had mentioned establishing a “U.S.-China AI Dialogue,” with the U.S. proposing the 2 international locations arrange a notification mechanism for incidents concerning AI.

The notification mechanism can be for incidents rising “as much as a nationwide safety degree from AI,” he mentioned.

“We expect that identical to with any cross-border exercise, that shifting from opaque to extra transparency between the primary and the quantity two AI powers on this planet is essential,” he mentioned.

Bessent’s assembly with He additionally comes amid intensifying debate in Washington over the security of AI and nationwide safety because the U.S. and China compete for technological management. The Trump administration has favored voluntary and national-security-focused safeguards over broad obligatory guidelines for AI builders. The problem is anticipated to be a part of discussions between Xi and Trump through the Chinese language president’s go to.

Prime AI executives have recently warned that the expertise might shortly grow to be uncontrolled and poses sweeping new threats. They urged Washington to set guardrails and laws on the trade, one thing Trump himself has derided.

Greer mentioned the U.S. and China have “operationalized” the U.S.-China Board of Commerce, to assist facilitate commerce negotiations by discovering a “vital mass of products” that may very well be thought of individually “when and if there are commerce measures” sooner or later.

These items may very well be “shopper items, low-tech gadgets” from the Chinese language aspect and “power merchandise, agricultural items, doubtlessly medical units” on the U.S. aspect, Greer mentioned.

The assembly comes earlier than Xi’s high-stakes go to to Washington this week, his first throughout Trump’s second time period. Trump visited Beijing earlier this yr amid escalating tensions between the world’s largest economies.

CNBC reported Friday that JPMorgan Chase CEO Jamie Dimon and Citigroup chief Jane Fraser are anticipated at a state dinner throughout Xi’s go to. OpenAI CEO Sam Altman and Nvidia chief Jensen Huang are additionally set to attend.

The summit in Washington is anticipated to incorporate high-stakes financial dialogue because the U.S. and China stay locked in competitors.

Past AI, the summit is prone to broach different points corresponding to commerce and tariffs. A key half of the present U.S.-China commerce truce — Washington’s suspension of heightened reciprocal tariffs on Chinese language imports — is scheduled to run out Nov. 10.

The present truce contains Chinese language commitments on rare-earth exports and U.S. agricultural purchases, whereas the Trump administration lowered some tariffs and suspended greater reciprocal tariffs on Chinese language items.