- Bessent and He Lifeng hold talks at the airport.
- Each met the South Korean president separately.
- Talks to set stage for Trump-Xi summit in Beijing.
INCHEON, South Korea: US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began talks in South Korea on Wednesday to lay the groundwork for this week’s summit of the leaders of the world’s two largest economies in Beijing.
Bessent and He began the talks at Incheon airport after meeting South Korean President Lee Jae Myung at the presidential Blue House, Reuters witnesses said.
The talks are expected to cover a range of issues to prepare for talks in Beijing between US President Donald Trump and Chinese President Xi Jinping, which are set to run from Thursday to Friday.
Talks between Bessent and He would likely 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 ahead of the summit, calling each other out rather than seeking breakthroughs,” he said.
China’s top trade negotiator, Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min were among the officials accompanying He.
At the Beijing summit, the leaders are expected to agree to create forums to facilitate mutual trade and investment, while China is expected to announce purchases related to Boeing aircraft, US agriculture and energy, US officials have said.
Beijing also wants the US to ease exports of advanced semiconductors, and has raised concerns over a bill to keep critical chip-making equipment out of China.
They are considering extending a truce on China’s export restrictions on rare earths at the summit, but Chinese customs data show Beijing is still slowing shipments of materials vital to defense and manufacturing.
The summit talks could also include the Iran war, as China, which maintains ties with Iran, is a major buyer of its oil.
Trump said on Tuesday that he did not think he would need China’s help to end the conflict, however, even as hopes for a lasting peace deal faded and Tehran tightened its grip on the Strait of Hormuz.
Neither side has strong incentives to make early concessions, said Kim, the academic, adding that the United States is unlikely to ease restrictions on key technologies such as semiconductors.
China, on the other hand, is supported by relatively robust growth and trade performance under less pressure to offer significant compromises, he said.
