American and Chinese officials held last-minute trade talks in South Korea on Wednesday to set the agenda for Donald Trump's summit with Xi Jinping in Beijing later this week. The discussions took place at Incheon airport after separate meetings with South Korean President Lee Jae Myung.
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng led the negotiations. Analysts described the talks as exploratory, with both sides sounding each other out rather than seeking breakthroughs. 'Both sides are essentially in a holding pattern ahead of the summit,' said Kim Tae-hwang, professor of international trade at Myongji University in Seoul.
The leaders of the world's two largest economies are expected to agree on setting up forums to ease mutual trade and investment. China is likely to announce purchases of Boeing aircraft, American agriculture and energy, while Beijing wants Washington to relax curbs on exports of advanced semiconductors. A possible extension of a truce on China's export restrictions on rare earths is also being considered.
The Iran conflict is expected to feature in discussions, as China maintains ties with Tehran and is the largest buyer of Iranian oil. However, President Trump said he did not think he would need China's help to end the conflict, stating: 'We have Iran very much under control.'
Neither side appears willing to make early concessions. The US is unlikely to ease curbs on key technologies, while China, buoyed by resilient growth, faces less pressure to offer significant compromises. Trump is scheduled to arrive in Beijing on Wednesday for talks on Thursday and Friday, his first trip to China since 2017.
