Bessent And He Lifeng Open High-Stakes Trade Talks Ahead Of Trump-Xi Summit
Bessent And He Lifeng Open High-Stakes Trade Talks Ahead Of Trump-Xi Summit Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are meeting Chinese Vice Premier He Lifeng at JPMorgan Chase's Manhattan headquarters on Sunday for a critical round of trade negotia...
Negotiations at Jpmorgan
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer convened with Chinese Vice Premier He Lifeng on Sunday inside JPMorgan Chase’s Manhattan headquarters. The all‑day meeting is intended to serve as the last ministerial effort before President Donald Trump welcomes President Xi Jinping to Washington for a summit that begins on September 24.
Busan Truce under Pressure
JPMorgan itself is not a party to the talks, although Bessent previously asked the bank’s chief executive, Jamie Dimon, to address a Treasury‑hosted G20 finance leaders gathering in Asheville. The same negotiating channel that produced the Busan truce—an agreement that limited bilateral duties to roughly 20 percent after reciprocal tariffs surged into the triple‑digit range—has been reactivated. Since that accord, the administration has rebuilt its tariff framework using alternative statutes, while broader excess‑capacity duties remain on hold until after this week’s summit. The Busan truce is slated to lapse on November 10, creating a clear deadline for both sides.
Geopolitical Issues Loom
Three core topics dominate the current agenda: the overall trade relationship, tensions over Taiwan, and the impact of Iranian oil. The broader geopolitical backdrop continues to weigh on the negotiations. The conflict involving Iran and its effect on global energy supplies has emerged as an unexpected pressure point, and Washington is also monitoring the flow of fentanyl‑precursor chemicals from China, a matter expected to feature prominently at the upcoming summit.
Prospects for a Deal
Analysts anticipate that the most probable result will be a diplomatic management of existing issues rather than a sweeping structural pact. Both the United States and China have a strong incentive to avoid reigniting a trade war and to keep the Busan framework intact through the November deadline. Maintaining stability is seen as preferable to the uncertainty that would follow a collapse of the truce.
Market Watch Points
Investors will be scanning for any formal extension of the November 10 expiration, confirmation of increased magnet export permits, and details on whether agreements concerning AI guardrails include enforceable language. Such signals could shape market sentiment ahead of the Trump‑Xi summit and influence expectations for future U.S.–China trade dynamics.
Source: zerohedge.com · 2026-09-20