US Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng in New York City on Sunday to discuss key economic issues before the anticipated summit between President Donald Trump and President Xi Jinping.

The discussions focused on artificial intelligence, tariffs, and rare earths. Bessent described the talks as crucial for setting the stage for the upcoming meeting in Washington, D.C., on September 24.

Setting the Stage

Bessent stated on X that these discussions are vital for advancing US economic interests and delivering results for the American people. He emphasized the importance of laying the groundwork for President Trump to advance America's economic position.

The meeting took place at JPMorgan Chase & Co. (NYSE: JPM). Before the session, Bessent expressed anticipation for "focused, fulsome and constructive talks." This encounter precedes Xi's significant visit to Washington, marking his first during Trump's second term.

Key Attendees and Topics

Notable figures including JPMorgan CEO Jamie Dimon and Citigroup Inc. (NYSE: C) chief Jane Fraser are expected to attend a state dinner during Xi's visit. The meeting occurs amid ongoing debates in Washington over AI safety and national security, with the Trump administration advocating for voluntary safeguards.

Nvidia Corp. (NASDAQ: NVDA) CEO Jensen Huang is reportedly expected to attend a state dinner with Trump and Xi, highlighting the significance of technology discussions during the summit.

Geopolitical Context

China's top newspaper has accused the US of "naked double standards" in AI, emphasizing the importance of AI as a new domain for human development. This underscores the critical nature of AI discussions between the two nations.

President Trump has announced plans to appoint a new AI adviser and establish an "AI force," indicating the administration's focus on AI as a strategic priority.

What the Numbers Show

The source contains no financial figures or quantitative data to analyze. The article focuses solely on diplomatic meetings and policy discussions regarding trade and technology.

Pennsylvania Governor Josh Shapiro criticized President Donald Trump’s administration for allegedly assisting China in the artificial intelligence race. Speaking at the AI Horizons 2026 Summit in Pittsburgh, Shapiro called the sale of advanced chips to Chinese companies a mistake that undermines US leadership.

Shapiro argued that these actions contradict calls for the US to outpace China in AI development. He stated that real leadership requires keeping America ahead in innovation and urged Washington to stop alienating allies. The governor emphasized the need for international cooperation on responsible AI regulation and safety frameworks.

Nvidia Chip Shipments Under Scrutiny

The comments followed an August report indicating limited batches of Nvidia Corp. (NASDAQ: NVDA) H200 AI chips were shipped to China despite restrictions. Reports suggested Chinese tech giants ByteDance and Tencent Holdings Ltd. (OTC: TCEHY) received around 10,000 H200 processors each.

Nvidia CEO Jensen Huang is expected to attend a White House dinner during Xi Jinping’s visit to Washington on Sept. 24. The White House stated Trump invited prominent US business leaders to prioritize deals benefiting the US. Huang has maintained close ties with Trump, joining him on a May trip to China and attending a dinner hosted by the Chinese President.

Divergent Views on AI Regulation

Trump dismissed AI-safety concerns as a hoax, arguing existing government powers are sufficient. He warned that tighter regulations could weaken the US against China. In contrast, Shapiro called for tighter oversight of frontier AI models, greater transparency requirements, and independent evaluations before widespread deployment.

China’s People’s Daily accused the US of applying double standards to AI model distillation last week. It urged cooperation on AI risks and warned against turning the technology into a tool of great-power competition. Shapiro urged making AI a top agenda item when Trump meets with Xi Jinping next week.

What the Numbers Show

The disclosure that ByteDance and Tencent each received approximately 10,000 H200 processors highlights the scale of specific corporate access to restricted technology. This volume suggests that despite broad export controls, significant quantities of advanced hardware are reaching major Chinese tech firms, directly impacting the competitive landscape Shapiro described.