Top US and Chinese economic officials wrapped up the first of two days of talks in Paris yesterday to iron out kinks in their trade truce and clear a path for US President Donald Trump’s trip to Beijing to meet with Chinese President Xi Jinping at the end of March.
The discussions, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, were expected to focus on shifting US tariffs, the flow of Chinese-produced rare earth minerals and magnets to US buyers, American high-tech export controls and Chinese purchases of US agricultural products.
The two sides met for more than six hours at the Paris headquarters of the Organisation for Economic Co-operation and Development, with talks to resume today morning, a Treasury spokesperson said.
China is not a member of the club of 38 mostly wealthy democracies and considers itself a developing country.
The spokesperson did not provide any details on the tone or substance of the talks, and Chinese officials left the OECD without speaking to reporters.
US Trade Representative Jamieson Greer, who is participating in the talks, said on Friday that US officials want to ensure stability in the US-China relationship.
“We want to make sure that we continue to get the rare earths we need for our manufacturing base, that they keep buying the kinds of things they should be buying from us, and that the leaders have a chance to get together and make sure that the relationship is going the way we want it to go,” Greer told CNBC before departing for Paris.
The talks between Bessent, He, Greer and China trade negotiator Li Chenggang follow a string of their meetings in European cities last year to ease trade tensions that threatened a near collapse of trade between the world’s two largest economies.
US-China trade analysts said that with little time to prepare and Washington’s attention focused on the US-Israeli war on Iran, prospects for a major trade breakthrough are limited, in Paris or at the Beijing summit.
“Both sides, I think have a minimum goal of having a meeting, which sort of keeps things together and avoids a rupture and re-escalation of tensions,” said Scott Kennedy, a China economics expert at the Centre for Strategic and International Studies in Washington.
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