Trump-Xi Summit in Sight: Bessent and He Lifeng Hold Last-Minute Trade Talks in Seoul

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A Diplomatic Sprint Before Beijing

The meeting in Seoul is being watched closely around the world. With Trump's state visit to China just hours away, both Washington and Beijing are racing to secure concrete agreements before the two leaders sit down face to face.

The Seoul talks — held on May 12 and 13 — come directly ahead of Trump's state visit to China on May 14 and 15. Analysts describe the negotiations as a rushed but necessary precursor to the summit. According to Xu Tianchen, senior economist at the Economist Intelligence Unit, the meeting appears aimed at "reaching some quick deals" for Trump and Xi to sign in Beijing — though the tight schedule will likely prevent any sweeping, wide-ranging agreement.

What's on the Table

The agenda is broad and consequential. U.S. officials have indicated that both sides are expected to agree on frameworks to facilitate trade and mutual investment. China is expected to announce purchases related to Boeing aircraft, American agricultural goods, and energy products.

At the same time, Beijing is pushing hard for relief on technology restrictions. China wants Washington to ease its curbs on exports of advanced semiconductors and has raised concerns about proposed U.S. legislation that would further limit Beijing's access to critical chip-making equipment — a sector the Chinese Communist Party (CCP) sees as vital to its long-term technological ambitions.

The agenda for the broader summit also spans rare earth export controls, Taiwan, the ongoing Iran war, and artificial intelligence. China's decision to restrict exports of rare earth materials and magnets had already disrupted global supply chains — a move that sent shockwaves through the automotive industries of Europe, Japan, and South Korea.

The Negotiators: Bessent and He Lifeng

Scott Bessent, Trump's Treasury Secretary, confirmed the Seoul trip in a post on social media, noting he would first travel to Tokyo on Tuesday to meet Japanese Prime Minister Sanae Takaichi before heading to Seoul. He Lifeng, 70, is a long-time confidant of Xi Jinping and has served as Beijing's lead negotiator on economic and trade affairs since becoming Vice Premier in March 2023. He has held more than 60 meetings with foreign officials and executives since taking office.

China's Vice Commerce Minister Li Chenggang, Beijing's lead trade negotiator, also traveled with He Lifeng's delegation to South Korea. Both Bessent and He also held separate meetings with South Korean President Lee Jae Myung at the presidential Blue House on Wednesday morning.

The Bigger Picture: A World Watching from the Sidelines

The Trump-Xi summit is being closely followed far beyond Washington and Beijing. Experts warn that a contentious outcome could prolong economic and geopolitical volatility and potentially cripple global trade and growth. "Virtually everyone has a stake in the outcome of this meeting," said Chad Bown, a senior fellow at the Peterson Institute for International Economics.

Analysts at Nomura caution that the summit will be "more about avoiding unnecessary escalation of tensions and managing risks than building structural mechanisms." The Iran crisis — sparked by the ongoing U.S.-Israel military campaign against Tehran — is considered the most pressing item on the agenda.

For the Trump administration, the Beijing summit represents a significant diplomatic moment: a direct engagement with the CCP leadership on terms that reflect American economic strength and strategic resolve. Whether Beijing will deliver on its promises — or use the summit as a delay tactic while continuing to pursue its own technological and geopolitical agenda — remains to be seen.

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Sources

1. South China Morning Post – China, US confirm Seoul trade talks days before Trump-Xi summit in Beijing: https://www.scmp.com/news/china/diplomacy/article/3353067/china-us-confirm-seoul-trade-talks-days-before-trump-xi-summit-in-beijing
2. CNBC – From Singapore to Brussels, world leaders eye Trump-Xi summit from afar: https://www.cnbc.com/2026/05/11/trump-xi-summit-beijing-global-leaders-iran-war-taiwan-strait-of-hormuz-.html
3. CNBC – Five things to watch in Asia as Trump prepares to meet China's Xi this week: https://www.cnbc.com/2026/05/12/tump-xi-china-summit-taiwan-iran-trade.html
4. South China Morning Post – US-China negotiations seek a quick Seoul search for deals ahead of Trump's visit: https://www.scmp.com/economy/global-economy/article/3353174/us-china-negotiations-seek-quick-seoul-search-deals-ahead-trumps-visit
5. Reuters (via Yahoo News) – China's He Lifeng arrives in South Korea for US trade talks: https://www.yahoo.com/news/articles/china-lifeng-arrives-south-korea-085654777.html

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