US and Chinese negotiators met on September 20 in New York at JPMorgan Chase headquarters to prepare a summit between Donald Trump and Xi Jinping in Washington. The discussions covered economic deliverables, AI governance, critical mineral trade, and the trade truce expiring on November 10, 2026. China controls processing capacity for many rare earth elements essential to EV batteries and fighter jets. The two countries agreed at the Beijing summit in May 2026 to reciprocal tariff reductions on roughly $30 billion worth of goods, with China committing to increase agricultural purchases by at least $17 billion annually through 2028. The $30 billion figure represents a fraction of the roughly $700 billion in annual bilateral trade between the two economies.
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