Key facts
- Trump and Xi Jinping to meet twice more by year-end.
- No immediate extension of tariff truce expected.
- US and China to focus on AI safety regulation talks.
- China seeks a trade truce longer than six months.
- US wants increased rare earth supplies and farm product purchases from China.
- China opposes US sanctions on Iranian airlines.
U.S. President Donald Trump and Chinese President Xi Jinping have agreed to hold two more meetings by the end of the year, despite significant divisions on key issues. U.S. Trade Representative Jamieson Greer indicated that an extension of the current tariff truce, set to expire on November 10, is unlikely in the immediate future, though talks will continue. Greer stated that a comprehensive "grand bargain" is not feasible due to the fundamental differences between the two countries' economic and political systems. Instead, the upcoming summits will focus on initiating substantive discussions regarding artificial intelligence safety regulation and establishing operating procedures for a bilateral trade committee. China is reportedly seeking a trade truce longer than six months, while the U.S. is pushing for increased rare earth supplies and greater purchases of American farm products. The U.S. Treasury Secretary Scott Bessent confirmed that formal talks on AI safety regulation have commenced, with further discussions anticipated in Shenzhen around the time of the Asia-Pacific Economic Cooperation summit in November. Discussions also touched upon sanctions on Iran, though China voiced opposition to U.S. sanctions on Iranian airlines.