US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in New York on Dec. 20 to finalize core agendas ahead of a presidential summit, with Washington proposing a new bilateral AI dialogue channel while explicitly excluding sensitive advanced semiconductor controls and export restrictions from the current trade mechanism, according to Reuters, Bloomberg, and Xinhua.
Bessent and He Lifeng Convene for Eight-Hour New York Talks
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met on Dec. 20 at JPMorgan Chase headquarters in Manhattan to hammer out final details ahead of a presidential summit scheduled for Dec. 24. According to Reuters, the bilateral meeting lasted nearly eight hours, running from 10:30 a.m. past 7 p.m.
The high-level gathering included key trade officials from both nations. US Trade Representative (USTR) Jamieson Greer and China’s Chief Trade Negotiator Li Chenggang participated in the discussions alongside Bessent and He. Bloomberg reported that the meeting maintained a cordial atmosphere, with working-level talks extending into the following day.
US Proposes AI Dialogue Channel While Semiconductor Controls Stay Off Table
During the New York meetings, the US side proposed establishing a dedicated dialogue channel for artificial intelligence. According to Reuters, Bessent told reporters after the session that the talks with China on trade and AI were very successful, emphasizing that increasing transparency between the world’s top two AI superpowers is critical.
Bessent stated that both sides must build a mechanism to communicate regarding shared goals and common threats. He noted that the proposed US-led AI dialogue includes notifications regarding serious incidents capable of triggering national security concerns. Xinhua reported that the Chinese delegation also evaluated the talks as constructive, confirming that both sides exchanged candid and in-depth views on implementing prior agreements and managing trade issues.
Despite progress on communication channels, deep structural disagreements remain. The two nations previously agreed during a May summit to establish separate government-to-government talks on AI. However, negotiations stalled because the US insists the talks focus narrowly on AI safety and technical risks, whereas China demands broader discussions on global AI governance to prevent Washington from unilaterally setting rules.
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According to USTR Jamieson Greer, while trade mechanisms were formally launched during these meetings, advanced AI chips and semiconductor manufacturing equipment export controls remain strictly excluded from the newly proposed negotiation framework, with rare earth export restrictions also showing no recent progress.
US-China Trade Committee Formally Launched Without Sensitive Tech
USTR Jamieson Greer announced that the countries officially launched the trade committee initially discussed during the May presidential summit. The newly operational body serves as an administrative 협의체 (consultative body) to manage economic and commercial friction.
Through this committee, officials expect to discuss lowering tariffs on non-sensitive sectors and products. Potential candidates for tariff reductions or eliminations include American liquefied natural gas (LNG) and agricultural products. However, critical chokepoints in the global technology race are entirely excluded. Greer confirmed that export controls targeting advanced AI chips and semiconductor manufacturing gear are absent from the new consultative mechanism, adding that discussions regarding rare earth export restrictions yielded no significant breakthroughs during the meeting.
Meanwhile, the Chinese Foreign Ministry officially announced on Dec. 21 that President Xi Jinping will visit the United States from Dec. 23 to 25 at the invitation of US President Donald Trump.
Frequently Asked Questions
When and where did Scott Bessent and He Lifeng meet?
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met on Dec. 20 at the JPMorgan Chase headquarters in Manhattan, New York.
Who participated in the New York bilateral talks?
The meetings included US Treasury Secretary Scott Bessent, Chinese Vice Premier He Lifeng, US Trade Representative Jamieson Greer, and China’s Chief Trade Negotiator Li Chenggang.
Are advanced semiconductor export controls part of the new trade committee agenda?
No. According to USTR Jamieson Greer, export controls on advanced AI chips and semiconductor manufacturing equipment are excluded from the newly established negotiation framework.
When is President Xi Jinping scheduled to visit the United States?
According to the Chinese Foreign Ministry, President Xi Jinping is scheduled to visit the US from Dec. 23 to 25 at the invitation of US President Donald Trump.
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