US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng are set to meet on Sunday at JPMorgan Chase's headquarters in New York, according to people familiar with the arrangements, in a fresh attempt to stabilise economic relations between the world's two largest economies.
The encounter marks the first face-to-face meeting between the two officials since Bessent took office, and comes at a delicate moment for global markets. Washington and Beijing have been locked in a cycle of retaliatory tariffs and export controls that has weighed on business confidence, disrupted supply chains and clouded the outlook for global growth.
JPMorgan's headquarters, at 270 Park Avenue in Manhattan, will provide a neutral, business-oriented setting for the talks. The venue choice is notable: it places the discussions in the heart of American finance rather than in a government building, a signal that commercial ties and market stability are central to the agenda. The bank declined to comment on the meeting.
Both sides have reasons to seek a de-escalation. American manufacturers and retailers have warned that sustained tariffs raise costs for consumers and complicate sourcing decisions. Chinese exporters, meanwhile, face weakening demand in key markets and pressure to keep supply chains competitive. Financial markets have been volatile in recent weeks, with investors parsing every signal from Washington and Beijing for signs of a thaw.
The meeting follows a series of lower-level technical discussions between US and Chinese officials in recent months. Those talks have focused on tariff schedules, export licensing and the treatment of American companies operating in China. Progress has been incremental, and neither side has publicly committed to a broader deal.
Bessent, a former hedge fund executive, has emphasised the need for a pragmatic approach to China while maintaining pressure on what Washington describes as unfair trade practices. He Lifeng, a veteran economic official, has overseen China's industrial policy and its response to Western restrictions on technology exports. Their personal engagement is seen as a sign that both governments want to keep channels open.
Analysts caution that a single meeting is unlikely to resolve deep structural disputes over subsidies, market access and national security. But even a modest agreement — for example, a pause on new tariffs or a resumption of regular dialogue — could calm markets and give businesses greater certainty.
European and Asian allies will be watching closely. The UK, which has sought to balance its own trade interests between Washington and Beijing, has urged both sides to avoid further escalation. A senior British official said last week that a constructive US-China relationship is in the interest of the global economy.
The meeting is expected to cover a range of topics, including currency policy, debt issues in emerging markets and cooperation on combating illicit finance. It is unclear whether the two sides will issue a joint statement afterwards. Officials on both sides have played down expectations, describing the talks as part of an ongoing process rather than a one-off event.
For investors, the outcome could influence sentiment in equity and bond markets. The dollar has strengthened in recent months on expectations of higher US interest rates, while the yuan has faced depreciation pressure. Any sign of reduced trade friction could ease some of that strain.
Sunday's meeting will be closely monitored by corporate leaders, particularly in sectors such as technology, agriculture and automotive manufacturing, where US-China tensions have had a direct impact. Business groups have repeatedly called for greater predictability in the trading relationship.
Whether the talks produce concrete results remains to be seen. But the fact that Bessent and He are meeting at all — and in such a prominent financial setting — suggests both sides recognise the cost of allowing economic relations to drift further apart.