Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held three hours of talks Wednesday in South Korea ahead of President Trump’s summit with Chinese President Xi Jinping in Beijing.
The meeting at Incheon International Airport focused on trade and economic issues, though neither side released an immediate summary. Reuters separately reported the U.S. and China are expected to move toward a managed trade framework for non-sensitive goods, potentially reducing tariffs on roughly $30 billion in products without crossing national security restrictions.
The proposed “Board of Trade” mechanism was first floated in March by U.S. Trade Representative Jamieson Greer as a potential deliverable for the Trump-Xi summit, scheduled for Thursday and Friday in Beijing.
Before the talks, Bessent and He separately met South Korean President Lee Jae Myung. Lee told He stable U.S.-China relations were important for both South Korea and the global economy, while Lee and Bessent discussed supply chains and critical minerals.
U.S. officials have said the Beijing summit could include agreements establishing new trade and investment forums, along with Chinese purchases tied to Boeing aircraft, U.S. agriculture, and energy. Semiconductors, rare earth supplies, and the Iran conflict are also expected to be discussed.
