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Bessent and He Lifeng held discussions at the airport in Incheon, South Korea. Both met separately with South Korean President Lee Jae Myung at the Blue House before beginning their talks. The discussions aimed to pave the way for the upcoming summit between U.S. President Donald Trump and Chinese President Xi Jinping scheduled for Thursday and Friday in Beijing.
Analysts consider these preliminary talks to be exploratory, with limited immediate results, as both sides are essentially testing the waters ahead of the high-level meeting. China’s delegation included Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min.
The summit is expected to focus on establishing forums to promote mutual trade and investment. China may also announce purchases of U.S. goods such as Boeing aircraft, agricultural products, and energy. Additionally, Beijing seeks the relaxation of U.S. export restrictions on advanced semiconductors and has expressed concerns regarding legislation that restricts China’s access to critical chip-making technology.
Efforts to extend a ceasefire on China’s export controls of rare earth metals are under consideration, though Chinese customs data indicates that shipments of these materials, vital for defense and manufacturing, continue to be suppressed. The summit may also address tensions surrounding Iran, as China maintains strong ties with Iran and is a significant buyer of its oil.
Trump stated on Tuesday that he did not believe China’s assistance would be necessary to resolve the Iran conflict, despite rising concerns over the deterioration of the peace process and Iran’s increased control over the Strait of Hormuz.
Neither the U.S. nor China is inclined to make substantial concessions early on. Experts suggest that the U.S. is unlikely to ease restrictions on key sectors like semiconductors, while China, buoyed by stable economic growth and trade figures, feels less pressure to compromise significantly.
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