- Bessent and He Lifeng have conversations at the airport.
- Each met separately with the South Korean president.
- Talks to set the stage for the Trump-Xi summit in Beijing.
INCHEON, South Korea: U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began talks in South Korea on Wednesday to lay the groundwork ahead of this week’s summit of the leaders of the world’s two largest economies in Beijing.
Bessent and He began talks at Incheon airport after each met South Korean President Lee Jae Myung at the presidential Blue House, Reuters witnesses said.
Discussions are expected to cover a range of topics to prepare for talks in Beijing between US President Donald Trump and Chinese President Xi Jinping that run from Thursday to Friday.
The talks between Bessent and He are likely to be exploratory with limited immediate results, said Kim Tae-hwang, a professor of international trade at Myongji University in Seoul.
“Both sides are essentially in a holding pattern before the summit, probing each other, rather than looking for progress,” he said.
China’s top trade negotiator, Vice Minister of Commerce Li Chenggang, and Vice Minister of Finance Liao Min, were among the officials who accompanied He.
At the Beijing summit, the leaders are expected to agree to establish forums to facilitate mutual trade and investment, while China is expected to announce purchases related to Boeing aircraft, U.S. agriculture and energy, U.S. officials said.
Beijing also wants the United States to relax restrictions on exports of advanced semiconductors and has expressed concern about a bill to keep critical chip-making equipment out of China.
They are considering extending a truce on restrictions on China’s rare earth exports at the summit, but Chinese customs data shows Beijing is still throttling shipments of vital defense and manufacturing materials.
The summit talks may also cover the Iran war, as China, which maintains ties with Iran, is a major buyer of its oil.
Trump said Tuesday, however, that he did not believe he would need China’s help to end the conflict, even as hopes for a lasting peace deal dwindled and Tehran strengthened its control over the Strait of Hormuz.
However, neither side has strong incentives to make early concessions, academic Kim said, adding that the United States is unlikely to ease restrictions on key technologies such as semiconductors.
China, in turn, buoyed by relatively resilient growth and trade performance, is under less pressure to offer meaningful commitments, he said.
