US-China Pre-Summit Talks in South Korea

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held preparatory talks in Incheon, South Korea, on May 13, ahead of the upcoming summit between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. The discussions, described as exploratory, aimed to lay the groundwork for the leaders' summit, which is expected to cover a range of economic and trade issues. Key topics include potential agreements for China to purchase Boeing airplanes, American agriculture, and energy from the United States. China is also seeking a relaxation of U.S. curbs on advanced semiconductor exports, while the United States has concerns about China's access to critical chip-making equipment. The leaders are also considering extending a truce on China's rare earths export curbs. Geopolitical issues, such as the Iran war, are also on the agenda, although Donald Trump has indicated he does not believe he will need China's assistance to resolve the conflict. South Korean President Lee Jae Myung met with both Scott Bessent and He Lifeng, emphasizing the importance of stable U.S.-China relations for global stability and discussing supply chains and critical minerals.