US and China Hold Trade Talks in Paris Ahead of Trump-Xi Summit

US and Chinese Officials Meet in Paris to Discuss Trade Issues

Top officials from the United States and China met on Sunday in Paris as part of a new round of talks aimed at resolving trade issues between the two countries. US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng discussed various topics, including shifting US tariffs, the flow of Chinese-produced rare earth minerals and magnets to US buyers, and high-tech export controls.

The meeting is expected to focus on these key areas before a summit between US President Donald Trump and Chinese President Xi Jinping in Beijing later this month. The talks are seen as setting the stage for the upcoming summit, which could potentially yield more tangible progress.

US Trade Representative Jamieson Greer will accompany Bessent to the Paris gathering, which is scheduled to last two days. The meeting comes at a time when tensions between the US and China have cooled somewhat after Trump’s meeting with Xi in Busan, South Korea, in October. However, new US probes into Chinese industrial overcapacity and forced labor announced on Wednesday threaten to disrupt progress.

The Paris talks are also expected to touch on the impact of the US-Israeli war with Iran on global energy markets. The diplomatic engagement between the US and China comes as the global economy faces challenges, including rising oil prices and concerns about shipping in the Strait of Hormuz.

A 30-day waiver of sanctions was announced by Bessent on Thursday night to allow the sale of Russian oil stranded at sea in tankers, a move aimed at raising supplies. The meeting is seen as an opportunity for both sides to restore confidence to the global economy and potentially make meaningful progress in Sino-US economic cooperation.

US-China trade analysts note that with limited time to prepare and Washington’s attention focused on the US-Israel war on Iran, prospects for a significant trade breakthrough in the Paris talks are uncertain.

Source: Al Jazeera