Scott Bessent to meet Chinese counterpart ahead of Trump-Xi summit

US Treasury Secretary Scott Bessent confirmed he will meet with Chinese Vice Premier He Lifeng ahead of a planned summit between President Donald Trump and President Xi Jinping, scheduled for September 24 in Washington. Bessent made the announcement during testimony before the House Financial Services Committee, framing the sit-down as part of an ongoing bilateral economic channel that the two officials have been building for months. The pre-summit meeting is designed to iron out details on some of the thorniest issues in the US-China economic relationship: rare earth exports, agricultural purchase commitments, and sanctions connected to Iran. A well-worn diplomatic track Bessent and He Lifeng are no strangers to each other at this point. The two have met in person at Davos, London, and South Korea, and maintained regular phone and video calls since 2025. Bessent described those prior exchanges as “very good private discussions.” He Lifeng, a Politburo member and longstanding associate of Xi Jinping, oversees China’s economic and financial affairs. Bessent, the 79th US Treasury Secretary and a former investor, has positioned himself as the administration’s primary interlocutor on t...