Top U.S. and Chinese economic officials launched a new round of talks in Paris on Sunday (15 March) to resolve issues in their trade truce. The discussions aim to smooth the way for U.S. President Donald Trump’s visit to Beijing to meet Chinese President Xi Jinping at the end of March.
The talks, led by Scott Bessent and Chinese Vice Premier He Lifeng, are expected to focus on U.S. tariffs and the supply of Chinese rare earth minerals and magnets to U.S. buyers.
The meeting will take place at the Paris headquarters of the Organisation for Economic Co-operation and Development, according to a source familiar with the plans. China is not a member of the 38-nation organisation and considers itself a developing country.
U.S.-China trade analysts said that with little time to prepare and Washington's attention focused on the U.S.-Israel war with Iran, prospects for a major trade breakthrough are limited, either in Paris or at the Beijing summit.
"Both sides, I think, have a minimum goal of having a meeting, which sort of keeps things together and avoids a rupture and a re-escalation of tensions," said Scott Kennedy, a China economic expert at the Center for Strategic and International Studies in Washington.
U.S. President Donald Trump may seek large Chinese commitments to buy Boeing aircraft as well as more U.S. liquefied natural gas and soybeans, but such concessions could require easing U.S. export controls.
Trump and Xi could potentially meet up to three other times this year, including at a China-hosted APEC summit in November and a U.S.-hosted G20 summit in December that could yield more tangible progress.
The Middle East conflict may also be discussed in Paris, particularly after rising oil prices and disruptions around the Strait of Hormuz, a key route through which China receives about 45% of its oil imports.
Bessent on Thursday night (12 March) announced a 30-day waiver of sanctions to allow the sale of Russian oil stranded at sea in tankers, a move aimed at increasing supply.
China Daily urged continues U.S.- China dialogue as a “stabilising anchor” amid the uncertainty of the ongoing Middle East crisis. It said talks are the best way to address differences on strategic materials, technology, market access and agriculture.
The Paris meeting will also review commitments under the trade truce announced by Trump and Xi in Busan in October 2025.
The agreement reduced some U.S. tariffs on Chinese imports and suspended China’s strict export controls on rare earth minerals for one year.
It also paused the expansion of a U.S. blacklist restricting Chinese firms from purchasing advanced American technology, including semiconductor manufacturing equipment.
China committed to buying 12 million metric tonnes of U.S. soybeans during the 2025 marketing year and 25 million tonnes in the 2026 season. U.S. officials say Beijing has so far met those targets.
However, some American industries, particularly aerospace and semiconductor companies, still face shortages of key rare earth materials such as yttrium, used in heat-resistant jet engine coatings.
The talks are also overshadowed by a new Section 301 investigation launched by Greer and Bessent into alleged unfair trade practices and excess industrial capacity in China and 15 other trading partners, which could lead to new tariffs.
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