Trade negotiators led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng have begun talks in Seoul to prepare for this week's summit between the leaders of the world's two largest economies, UNN reports, citing Bloomberg.
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The agenda includes discussions on topics such as the war with Iran, as well as a review of recent developments in bilateral trade. The teams last met face-to-face in Paris two months ago, shortly after the U.S. and Israeli attack on Iran.
The results of their meeting on Wednesday will set the stage for U.S. President Donald Trump's summit with his Chinese counterpart Xi Jinping on May 13-15 — the first visit by a U.S. president to Beijing in nearly a decade. It had been postponed since March due to the war in Iran.
The White House is pressing China, along with other countries dependent on Iranian oil imports, to help reopen the Strait of Hormuz — calls that Beijing and U.S. allies have evaded. Bessent also urged China to join a U.S. operation to escort vessels through the waterway, while the U.S. is imposing sanctions on refineries in China that process Iranian oil.
During recent calls, China and the U.S. discussed a possible "Trade Council" — a proposal introduced during the Paris talks as both sides seek a new mechanism that could help oversee their commercial ties and resolve bilateral issues that have flared up in recent years.
While Trump is bringing a group of executives from major financial, technology, aerospace, and agricultural companies, expectations for breakthroughs are low. The group includes Elon Musk of Tesla Inc. and Nvidia Corp. CEO Jensen Huang, who was added to the list at the last minute.
"I will ask President Xi, a leader of extraordinary qualities, to 'open up' China so these brilliant people can work their magic and help take the People's Republic to an even higher level!" Trump said in a social media post.
Separately on Wednesday, Bessent and He — China's "economic czar" and chief trade negotiator — also met in Seoul with South Korean President Lee Jae-myung.
Lee told He that stable relations between the U.S. and China would greatly contribute to the development and prosperity of countries worldwide, according to the presidential Blue House. He also emphasized the need to further expand cooperation in a way that contributes to the livelihoods of people in both countries, spokeswoman Kang Yu-jung told reporters during a briefing.
The Chinese Vice Premier, in turn, stated that amid global uncertainty, the strategic leadership of Xi and Lee has helped maintain a positive trajectory in bilateral relations.
The meeting draws attention to Seoul's efforts to position itself as a constructive player amid the intensifying rivalry between the U.S. and China.
The conflict in the Middle East, which began in late February, triggered an oil crisis that exposed the vulnerability of economies like South Korea, which imports most of its energy, including about 70% of its oil, through the Strait of Hormuz.
Ties with Beijing are particularly important for Lee, who seeks to ease tensions with nuclear-armed North Korea.
China remains Pyongyang's most important sponsor, providing crucial economic support while the U.S. and its allies maintain sanctions. In September, the Chinese leader hosted his Russian counterpart Vladimir Putin and North Korean leader Kim Jong Un at a military parade in Beijing, where Xi and Kim pledged to deepen cooperation.
The South Korean president visited Beijing to meet with Xi in January this year, following the Chinese leader's trip to South Korea in late October, as Seoul seeks a "full restoration" of bilateral ties.