US and Chinese officials hold talks in South Korea before Trump-Xi summit

INCHEON: US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng began talks in South Korea on Wednesday ahead of a summit in Beijing between US President Donald Trump and Chinese President Xi Jinping later this week.

According to Reuters witnesses cited in the report, Bessent and He started their discussions at Incheon airport after each separately met South Korean President Lee Jae Myung at the presidential Blue House.

The talks are expected to address a range of issues in preparation for the Beijing summit, which is scheduled to take place from Thursday to Friday between the leaders of the world’s two biggest economies.

Kim Tae-hwang, a professor of international trade at Myongji University in Seoul, said the meeting between Bessent and He was likely to be exploratory and was not expected to produce major immediate results. "Both sides are essentially in a holding pattern ahead of the summit, sounding each other out, rather than seeking breakthroughs," he said.

Chinese Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min were among the officials accompanying He.

Issues expected at Beijing summit

US officials have said the Beijing summit is expected to produce agreement on setting up forums aimed at easing trade and investment tensions between the two countries. They have also said China is expected to announce purchases linked to Boeing aircraft as well as American agricultural and energy products.

Beijing, for its part, wants Washington to ease restrictions on exports of advanced semiconductors. China has also raised concerns over a bill intended to keep critical chip-making equipment out of the country.

The two sides are also considering extending a truce related to China’s export curbs on rare earths at the summit. However, Chinese customs data shows that Beijing is still restricting shipments of the materials, which are important for defence and manufacturing.

The summit may also include discussion of the Iran war. China maintains ties with Iran and is a major buyer of Iranian oil.

Trump said on Tuesday, however, that he did not think he would need China’s help to end the conflict, even as hopes for a durable peace agreement weakened and Tehran tightened its control over the Strait of Hormuz.

Limited room for early concessions

Kim said neither side appeared to have strong reasons to make early concessions. He said the United States was unlikely to relax restrictions on key technologies such as semiconductors.

He added that China, supported by what he described as relatively resilient growth and trade performance, was under less pressure to make significant compromises.

The meeting in South Korea comes as both governments prepare for high-level engagement in Beijing, with trade, technology controls, rare earth exports and the Iran conflict among the issues expected to shape the discussions.