US-China Trade Talks Heat Up Ahead of Trump-Xi Summit
US and Chinese officials met in New York on September 20 to discuss key issues ahead of the planned summit between President Donald Trump and President Xi Jinping. The meeting, held at JPMorgan Chase headquarters, aimed to produce concrete outcomes that the two leaders can agree on.
The talks centered around critical minerals, a significant portion of which are processed by China. These rare earth elements are crucial for various industries, including electric vehicle batteries and fighter jets.
One of the most pressing issues is the expiration of the current trade truce negotiated at the October 2025 Busan meeting, set to expire on November 10, 2026. This gives both sides less than two months to either extend or replace the agreement, or risk tariffs returning to previous levels.
The US and China have been implementing a framework established during the May 2026 summit in Beijing. This includes the establishment of a US-China Board of Trade and a parallel Board of Investment, as well as reciprocal tariff reductions on $30 billion worth of goods.