US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng meet at Incheon airport in Seoul, setting the stage for their upcoming summit with President Xi Jinping.
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began talks on Wednesday in South Korea, meeting separately with South Korean President Lee Jae Myung. The discussions are expected to cover a range of issues as they prepare for this week's summit between US President Donald Trump and Chinese President Xi Jinping, which will take place in Beijing from Thursday to Friday.
The meetings at Incheon airport were described by Reuters witnesses. Both Bessent and He met with South Korean President Lee Jae Myung at the presidential Blue House before proceeding to the airport. The talks are seen as exploratory rather than seeking immediate breakthroughs, according to Kim Tae-hwang, a professor of international trade at Myongji University in Seoul.
During the summit, leaders from both countries are anticipated to establish forums aimed at easing mutual trade and investment issues. Additionally, China is expected to announce purchases related to Boeing aeroplanes, American agriculture, and energy. US officials have stated that these topics will be discussed during the summit.
Beijing is also seeking for the United States to relax export curbs on advanced semiconductors, a concern raised by Chinese customs data showing that Beijing continues to restrict shipments of rare earths, which are vital for defense and manufacturing purposes. The summit may also address China's export restrictions on rare earths, with consideration given to extending a truce.
The talks could include discussions about the Iran war, as China maintains ties with Iran and is a major buyer of its oil. US President Donald Trump has indicated that he does not believe China will be helpful in ending the conflict, despite hopes for a lasting peace deal diminishing and Tehran tightening control over the Strait of Hormuz.
Both sides are unlikely to make significant concessions early on, according to Kim Tae-hwang, adding that the United States is unlikely to ease curbs on key technologies such as semiconductors. China, buoyed by its relatively resilient growth and trade performance, faces less pressure to offer significant compromises compared to the US.
The summit talks may also encompass discussions about Iran's war, given that China maintains ties with Iran and is a major buyer of its oil. Neither side has strong incentives to make early concessions, according to Kim Tae-hwang, an academic expert on international trade.
