US-China trade officials hold ‘candid talks’ weeks ahead of Trump–Xi summit

Before a possible meeting between US President Donald Trump and Chinese leader Xi-Jinping, top US and Chinese trade officials talked openly about trade issues to prepare or reduce tensions.

Chinese state broadcaster CCTV reported that Chinese Vice Premier He Lifeng had "candid, in-depth, and constructive exchanges" with U.S. Treasury Secretary Scott Bessent and U.S. Trade ‌Representative Jamieson Greer over a video call on Thursday.

It began as the Chinese side expressed serious concern over the recent U.S. restrictive trade measures against China, but both sides agreed to further enhance consensus, manage differences, and strengthen cooperation.

According to CCTV, the trio last met in March for in-person trade talks in Paris.

The video call, which China said was aimed at "properly resolving economic and trade issues of mutual concern and expanding pragmatic cooperation," came weeks before an expected summit between U.S. President Donald Trump and Chinese President Xi Jinping in mid-May.

The two countries reached an uneasy trade truce last October when they met ‌in Busan, South Korea, following a months-long tit-for-tat trade war sparked by Trump's so-called "Liberation Day" tariffs.

Ahead of the planned May summit, ties between Beijing and Washington have remained largely calm despite energy and geopolitical complications brought by the war on Iran.

The two have also sought to ramp up leverage before the leaders meet, with Washington curbing tool shipments to one of China's leading chipmakers and Beijing rolling out trade measures that analysts say could seriously undercut American efforts to reduce supply chain dependence on China.

Both sides expressed willingness to "promote the healthy, stable, and sustainable development of China-U.S. economic and trade relations" during Thursday's call, Chinese state media said.

Additionally, Wall Street banks have boosted their U.S. Treasury holdings to the highest since 2007, so they believe it is time to buy into fixed income.