Shibbir Ahmed, New York — The United States and China opened high-level economic talks in New York on Sunday, with artificial intelligence, trade, tariffs and critical minerals on the agenda as Washington and Beijing prepare for a summit between President Donald Trump and Chinese President Xi Jinping later this week.

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are meeting at JPMorgan Chase’s headquarters in Manhattan, alongside U.S. Trade Representative Jamieson Greer. The talks were scheduled to begin at about 10:30 a.m. ET and were expected to continue throughout the day. The discussions are intended to prepare potential agreements and reduce outstanding differences ahead of the Trump-Xi summit scheduled for Sept. 24 in Washington.

Trade truce and tariffs

A central issue is the status of the current U.S.-China trade truce, which is scheduled to expire on Nov. 10. Officials are expected to discuss tariffs on non-strategic goods, market access and China’s commitments to increase purchases of U.S. agricultural products. Issues left unresolved from Trump’s May meeting with Xi in Beijing are also expected to remain part of the negotiations. The talks come as both countries seek to manage a trade relationship that has significant implications for global markets and supply chains.

Critical minerals and rare-earth supplies

Critical minerals and Chinese rare-earth magnets are another major issue in the New York discussions. The United States has raised concerns about the flow of rare-earth magnets and other critical materials needed for advanced manufacturing and technology industries. Rare earths are particularly important to the production of components used in electronics and advanced semiconductor technologies. Washington is seeking greater reliability in these supply chains as the two countries negotiate broader economic arrangements.

AI takes center stage

Artificial intelligence is emerging as a new area of U.S.-China economic and strategic competition. Bessent said the discussions are expected to cover both open-weight and closed-weight AI models. Open-weight systems make key elements of an AI model available to users, allowing them to download and modify the technology for specific applications.

U.S. officials are also interested in potential safeguards, or “guard rails,” to address shared risks associated with increasingly powerful AI systems. Reuters reported that the talks come amid concerns about security breaches involving AI models.

The United States and China are among the world’s leading developers and users of advanced artificial intelligence, making cooperation and competition over the technology an increasingly important part of their broader relationship.

Ahead of Trump-Xi summit

The New York meetings are taking place just days before Trump and Xi are scheduled to meet in Washington. Several issues from previous negotiations remain unresolved, including tariffs, agricultural purchases, rare-earth supplies and technology-related concerns. Reuters reported that analysts expect the two sides to focus on limited steps that could help prevent further escalation rather than seeking an immediate comprehensive agreement.

The outcome of the New York discussions could therefore help shape the agenda for the leaders’ upcoming meeting, while providing an indication of whether Washington and Beijing can maintain their current trade truce and expand cooperation in selected areas. The talks are also taking place as New York prepares to host world leaders for the United Nations General Assembly’s high-level week, bringing increased diplomatic activity to the city.

Shibbir Ahmed, New York: Canada is escalating its trade fight with the United States, announcing new retaliatory tariffs of up to 50 percent on hundreds of American products as tensions between the two longtime allies continue to worsen.

The Canadian government said Tuesday that the new measures will target approximately $20 billion worth of U.S. imports and will take effect on September 8. The tariffs are being imposed in response to new U.S. tariffs on Canadian goods that took effect after trade negotiations between the two countries broke down.

The Canadian counter-tariffs will range from 15 percent to 50 percent, depending on the product. Items affected include steel, aluminum, dairy products, seafood, furniture, clothing, electronics, machinery and other American-made goods.

Canada strikes back

The move represents a significant escalation in the dispute between Washington and Ottawa. The United States recently imposed a 50 percent tariff on $27.6 billion of Canadian goods, effective August 22. Canada said its response was designed to match the value of the new American measures while protecting Canadian businesses and workers.

Canadian Finance Minister François-Philippe Champagne said the government is taking targeted action while providing support to companies and workers affected by the trade conflict. Canada has also announced measures to help businesses maintain liquidity and adjust to the changing trade environment.

Hundreds of U.S. products targeted

According to the Canadian government, the new tariffs will cover products selected from categories targeted by recent U.S. trade measures. The rates will be 15 percent, 25 percent or 50 percent, depending on the product. The measures are expected to affect about 4.5 percent of Canada’s imports from the United States, based on 2024 trade figures.

Canadian officials say the government wants to protect domestic industries while keeping pressure on Washington to reconsider its tariff policies. The government has also introduced a support package for Canadian businesses and workers affected by the dispute, including financial assistance intended to help companies manage higher costs and disruptions to supply chains.

Growing economic pressure

The escalating tariff battle threatens to raise costs for businesses and consumers on both sides of the border. American industries that rely heavily on the Canadian market could face reduced exports, while Canadian companies dependent on U.S. goods may encounter higher costs. Economists have also warned that prolonged tariffs could disrupt North American supply chains and increase prices.

The dispute is particularly significant because Canada and the United States maintain one of the world’s largest bilateral trading relationships. The latest escalation comes as President Donald Trump continues to criticize Canada over trade and other political issues. Trump has also threatened additional tariffs on Canadian automobiles, adding to uncertainty for manufacturers and workers on both sides of the border.

Relations reach a new low

The latest tariff measures come after negotiations between Washington and Ottawa failed to produce an agreement. Canadian Prime Minister Mark Carney has indicated that Canada remains willing to return to negotiations, but Ottawa has also made clear that it is prepared to defend Canadian economic interests.

The worsening dispute has created uncertainty for businesses, farmers, manufacturers and exporters throughout North America. With Canada’s new tariffs scheduled to take effect September 8, pressure is now building on both governments to find a way to prevent the trade conflict from becoming even more damaging. The latest measures mark another major step in the deepening U.S.-Canada trade dispute and raise fresh concerns about prices, jobs and supply chains across North America.