Treasury Secretary Scott Bessent meets Chinese official He Lifeng in New York to address the costs of American exports. The discussions focus on slashing duties for energy and agricultural shipments before a leaders' summit next week where President Trump and President Xi meet to decide on a one-year trade truce extension.

Bessent maintains the validity of Trump's economic policies as the two nations work to stabilize trade relations. These specific tariff reductions aim to solidify prospects for a truce extension before the two heads of state hold their scheduled diplomatic encounter to conclude negotiations.