US and China close out Day 2 of New York talks as Xi's visit nears

What happened

Two days of US and China discussions wrapped in New York on Monday, aimed at moving negotiations forward before Xi's expected Wednesday arrival. The meetings were held at JPMorgan Chase & Co.'s headquarters. Liao Min said Monday's talks zeroed in on following through on what the principals have already agreed. When pressed on whether the trade truce might be extended, he declined to answer, and no additional high-ranking officials from either side were spotted at the site.

Who was in the room

Sunday's session brought together Treasury Secretary Scott Bessent, Li Chenggang, China's top trade negotiator, and Vice Premier He Lifeng for a full day of talks ahead of Xi's arrival. Afterward, Li described the tone as a "good atmosphere," and Bessent called the meeting "very successful." On Monday, Liao Min briefly addressed reporters outside the site, again stressing implementation.

What they agreed and what's next

Bessent said the two countries have agreed to create a "US-China AI dialogue" to build a shared understanding of artificial intelligence's benefits and risks. The trade truce is due to lapse in November, and on Monday US Trade Representative Jamieson Greer told Bloomberg TV that a three to six month extension is possible and that there is still time to discuss terms. Presidents Donald Trump and Xi are expected to cover trade, rare earths and AI when they meet this week.

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The rare earths backdrop and why it matters

Chinese customs data indicate that in August, shipments of these rare earth magnets from China to the US fell 21% from the prior month, totaling 512 tons, keeping alive concerns that supplies of these key materials remain tight despite last year's trade truce. If you own manufacturers, EV makers or parts suppliers that rely on high performance magnets, watch for signals on a truce extension, any movement on rare earths, and how closely both sides align on AI. That is where input costs and delivery timelines can shift for your portfolio.

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