U.S.-China Trade Talks: Setting the Stage for Diplomatic Engagement

U.S. Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng spent three hours in talks on Wednesday in South Korea. The discussions aimed to set the groundwork for this week's summit between the leaders of the world's two largest economies in Beijing.

While no immediate outcomes were announced, topics like supply chains and critical minerals were covered. Professor Kim Tae-hwang noted these talks were more exploratory, suggesting that neither side was ready to make early breakthroughs or concessions.

Expectations for the Beijing summit include setting up forums to ease trade and investment hurdles. Meanwhile, China is anticipated to make significant purchases from the U.S. in sectors like aviation, agriculture, and energy. Other focal issues are semiconductors, rare earth supplies, and the Iranian conflict.

(With inputs from agencies.)