Bessent and China's Top Economic Envoy to Meet at JPMorgan Headquarters Ahead of Trump-Xi Summit

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A Manhattan Meeting With High Stakes

Scott Bessent and He Lifeng are scheduled to meet at 10:30 a.m. ET on Sunday inside JPMorgan Chase's headquarters in New York. The two men lead the economic relationship between the world's two largest economies, and their talks will cover trade, artificial intelligence (AI) security, and other pressing economic questions.

The location is notable. JPMorgan is not a participant in the discussions, but the bank agreed to provide its building as a neutral venue. Manhattan security has been tightened for the United Nations General Assembly, which opens next week, making a bank headquarters a practical and secure choice for a sensitive diplomatic meeting.

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Why This Meeting Matters Right Now

The timing is no coincidence. President Trump is set to welcome Xi Jinping to the White House for a state visit built around a formal arrival ceremony, a bilateral meeting, and a state dinner in the East Room. According to the South China Morning Post, the itinerary spans two days and includes a private tea and a tour of the nation's founding documents, alongside the substantive negotiations happening underneath the pageantry.

The Bessent-He meeting functions as preparatory groundwork for that summit. It is also the latest in a long running series of talks between the two men, who have negotiated trade issues together repeatedly since Trump returned to office. China has previously voiced objection to new US economic restrictions during similar exchanges, according to the South China Morning Post, underscoring how unresolved these disputes remain even as both sides push for a stable relationship ahead of the leaders' summit.

Two deadlines add urgency. China's suspension of rare earth export controls and the broader US-China tariff truce are both set to expire on November 10, leaving little room for delay on the technical issues Bessent and He are expected to iron out.

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The JPMorgan Connection

Bessent's ties to JPMorgan's leadership run deeper than Sunday's borrowed venue. He previously invited JPMorgan CEO Jamie Dimon to speak at a G20 finance leaders meeting hosted by the US Treasury in Asheville, North Carolina, where Dimon addressed prospects for private sector growth.

Dimon is also on the guest list for next week's state dinner honoring Xi at the White House, according to US officials. Notably, he was not part of the American business delegation that traveled with Trump to Beijing in May, when the two presidents last met in person.

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Who Is He Lifeng?

He Lifeng is one of Xi Jinping's most trusted economic lieutenants. He has served as China's vice premier since 2023 and simultaneously directs the Central Financial and Economic Affairs Commission, the Communist Party body that sets top-level economic and financial policy for the country.

That dual role means He effectively answers to the Communist Party's internal power structure rather than to any independent oversight body — a structural reality common to major decisions inside China's one-party system. Analysts have described him as China's "point man" on economic ties with Washington, a position that places enormous influence in the hands of a single Xi loyalist rather than a transparent policymaking process.

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What Comes Next

If Sunday's talks go smoothly, they could help set the stage for a calmer Trump-Xi summit later in the week. Seven prominent American technology executives — including leaders from Nvidia, Amazon, and Apple — are expected to attend the state dinner, a signal that AI competitiveness and technology trade will remain front and center in the broader US-China relationship.

Still, no breakthrough should be assumed. Previous rounds of Bessent-He talks have produced incremental progress at best, and both sides continue to spar over export controls even as they prepare for a high-profile show of diplomatic goodwill. With the rare earth and tariff truce deadlines looming in November, Sunday's meeting may be less about resolving disputes than about buying time before the next real test of the relationship.

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Sources

1. South China Morning Post – "Trump, Melania to host Xi and Peng Liyuan for White House 'double date'": https://www.scmp.com/news/china/diplomacy/article/3368082/trump-melania-host-xi-and-peng-white-house-double-date-full-schedule
2. South China Morning Post – "China voices 'serious concern' over new US curbs in trade talks between Bessent and He": https://www.scmp.com/news/us/article/3362440/china-voices-serious-concern-over-new-us-curbs-senior-trade-talks
3. Associated Press (via Fortune) – "Bessent leads U.S. talks with China ahead of Trump-Xi summit as Iran and trade war loom over 'big year' for bilateral ties": https://fortune.com/2026/03/15/scott-bessent-us-china-talks-trump-xi-summit-iran-trade-war-tariffs/
4. Washington Times – "Tech titans to flank Trump, Xi at White House state dinner next week": https://www.washingtontimes.com/news/2026/sep/19/tech-titans-flank-trump-xi-white-house-state-dinner-next-week/

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