Trump and Xi Set for High-Stakes Summit on AI, Tariffs and Iran

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The summit between President Donald Trump and Chinese leader Xi Jinping in Washington this time marks their second face-to-face meeting this year, with both sides expected to seek ways to strengthen a fragile trade truce amid disputes over artificial intelligence, volatile US tariffs, and sanctions tied to the Iran war. US Treasury Secretary Scott Bessent said on CNBC's Squawk Box that the "deep respect" Trump and Xi have for each other filters down into the broader negotiations between the two countries, and noted that China still has certain deliverables under the trade agreement the two reached in Busan, South Korea, nearly a year ago. The Busan agreement required China to suspend export controls on rare earths and to buy US agricultural products, while the US reduced some tariffs and suspended other countermeasures. It is effective for one year and expires on November 10, one week after the US election, if it is not extended. At the peak of last year's trade war, US tariff rates on Chinese imports climbed to 145%, while Beijing's retaliatory tariffs reached 125%, before being scaled back in May 2025 after talks in Switzerland and reduced further after the Busan agreement. As of July, however, the effective tariff rate on Chinese goods stood at 22.8%, according to the Penn Wharton Budget Model, while an assessment by the US House research service calculated the average rate the US collects on China at about 36.5%, compared with the 31% rate Beijing collects on US goods. Bessent also said there has been progress on a reciprocal tariff-reduction agreement worth 30 billion US dollars that Beijing proposed earlier this month, with US Trade Representative Jamieson Greer having followed up on the proposal, which he called a 30-for-30 trade deal for non-critical goods. On artificial intelligence, Bessent said it will be at the top of the agenda, and he has discussed with Chinese officials the establishment of a framework for talks that would open the way for the two countries to notify each other about AI incidents. On Iran, the US launched an effort last month to step up economic pressure on Tehran, targeting financial backers, which immediately cast a spotlight on China as Tehran's largest trading partner, and Bessent said he discussed these sanctions measures in weekend meetings with Chinese officials, stating that quiet behind-the-scenes discussions are better than public displays. Thursday's state dinner will be attended by several chief executives, including Jeff Bezos of Amazon, Elon Musk of Tesla and SpaceX, Sundar Pichai of Google, Michael Dell of Dell, and Tim Cook, chairman of Apple's board.

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