US and China begin talks in New York on trade ahead of leaders' meeting

Officials from the United States and China have started talks in New York covering trade, investment, artificial intelligence, and the situation in Iran, ahead of a planned meeting between the two countries' leaders. The news was reported by Bloomberg, according to Yevropeiska Pravda.

The US delegation is led by Treasury Secretary Scott Bessent, while the Chinese side is represented by Vice Premier He Lifeng. One of the priority items on the agenda is a trade truce, under which both sides have lowered tariffs and export restrictions on each other; this arrangement is set to expire in November.

Before the talks began, Bessent told reporters he hoped for constructive dialogue between the two countries. Bessent and He last met in person near Seoul about four months ago, just days before a visit by US President Donald Trump.

Background

In May this year, following a visit to China, the US president said he was considering lifting sanctions on Chinese companies that purchase Iranian oil, amid the ongoing war and turmoil in oil markets. The White House said at the time that by 2028 China would purchase at least $17 billion worth of American agricultural products annually.