Full Breakdown
US Treasury Secretary Bessent and Chinese Vice Premier He Hold Trade Talks Ahead of US-China Summit
5/13/2026, 9:15:43 AM
Trade Talks at Incheon Airport
On 12-13 May 2026, U.S. Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng in a reception room at Incheon International Airport and met South Korean President Lee Jae Myung at Blue House. The talks were described as preparatory for the U.S.–China leaders summit in Beijing on Thursday-Friday.
Summit Trade Issues
President Donald Trump and President Xi Jinping will meet to discuss trade, investment and security. Officials expect China to announce purchases of Boeing aircraft, American farm products and energy. Beijing seeks easing of U.S. curbs on semiconductors and has raised concerns about a bill restricting chip-making equipment. Rare-earth export controls remain on the agenda.
Key Figures
The delegation included U.S. Treasury Secretary Scott Bessent, Chinese Vice Premier He Lifeng (accompanied by Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min), South Korean President Lee Jae Myung, and Finance Minister Koo Yun-cheol, who briefed the press but had no scheduled meeting with the delegations.
Official Responses
South Korean officials confirmed the itinerary and called the talks “exploratory” with limited outcomes. The Korean Finance Ministry reiterated that no meeting was planned between Minister Koo and the delegations. U.S. and Chinese spokespeople have not issued detailed statements, but diplomatic channels indicate a focus on establishing mutual trade and investment forums.
Criticism
International trade professor Kim Tae-hwang called the dialogue a “holding pattern,” noting that neither side appears ready to make concessions on semiconductor curbs or rare-earth controls. He warned that the lack of breakthrough expectations could limit the summit’s impact on trade tensions.
Conflicting Reports
Reuters reported He Lifeng’s arrival on 12 May, while other outlets note Bessent’s arrival on 13 May. The Korean Finance Ministry’s claim of no meeting with Bessent or He contrasts with expectations of broader engagement. Incheon International Airport Corporation declined comment on venue details.
Verbatim Quotes
- “Both sides are essentially in a holding pattern ahead of the summit, sounding each other out, rather than seeking breakthroughs,” — Kim Tae-hwang, Myongji University
- “Both Bessent and He will also separately meet South Korean President Lee Jae Myung at the presidential Blue House on Wednesday morning, Lee's office said.” — Lee’s office
- “There is no meeting scheduled between Koo and either Bessent or He, Seoul's Finance Ministry said.” — Seoul Finance Ministry
- “The talks between Bessent and He are due to take place in a reception room at Incheon airport, News1 reported, citing an airport official.” — News1 (citing airport official)
What’s Next
The Beijing summit on Thursday-Friday will aim to launch new trade and investment forums, address rare-earth export policies, and consider announcements on aerospace and agricultural purchases. Outcomes will shape U.S.–China economic relations in the coming months.
