Senior U.S. and Chinese officials sought to wrap up a fresh round of economic talks in Paris on Monday, exploring potential agreements on agriculture, critical minerals and “managed trade” that could form the basis of announcements during a planned summit between the two countries’ leaders later this month.
The discussions, held at the headquarters of the Organisation for Economic Co-operation and Development, brought together delegations led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. Sources familiar with the talks described them as “remarkably stable,” suggesting that both sides were focused on producing practical outcomes that could be endorsed by U.S. President Donald Trump and Chinese President Xi Jinping.
Officials from the two countries met for more than six hours on Sunday, with negotiators discussing areas where trade could be expanded without aggravating strategic competition between the world’s two largest economies.
Yet any agreements reached in Paris would ultimately require approval from Trump and Xi, who are expected to meet in Beijing at the end of March.
Summit overshadowed by geopolitical tensions
The planned summit comes amid mounting global tensions driven by the escalating Middle East conflict. Trump has warned he could delay his trip to Beijing unless China helps reopen the Strait of Hormuz, a vital route for global oil shipments that has been disrupted by the war involving Iran.
The possibility of postponing the meeting underscores how geopolitical crises are increasingly shaping the economic relationship between Washington and Beijing.
Despite the tensions, both governments appear eager to stabilise ties after years of trade disputes that have rattled global markets and disrupted supply chains.
Agriculture purchases back on the table
One of the clearest potential outcomes from the Paris discussions involves expanded Chinese purchases of U.S. agricultural products.
According to sources familiar with the negotiations, Chinese officials indicated openness to buying more American poultry, beef and other crops beyond soybeans. Beijing has already committed to purchasing 25 million metric tons of U.S. soybeans annually for the next three years under a trade truce agreed between Trump and Xi in October 2025.
Such purchases could help narrow the large U.S. trade deficit with China while offering relief to American farmers, a key political constituency in the United States.
Plans for new trade management mechanisms
Another focus of the Paris meetings was the creation of new institutional frameworks to manage economic relations between the two countries.
Officials discussed proposals for a U.S.–China “Board of Trade” and “Board of Investment,” which would serve as structured channels for resolving disputes and identifying areas where bilateral trade could expand.
Sources said the Board of Trade concept was the more advanced proposal. It would focus on identifying sectors where trade could grow in a balanced way while avoiding conflicts related to national security or sensitive supply chains.
The proposed Board of Investment would address specific investment disputes or regulatory issues between the two countries rather than setting broader policy.
Critical minerals and energy supplies
Negotiators also tackled sensitive issues related to supply chains for critical minerals and energy resources.
U.S. officials raised concerns about American companies’ access to Chinese-produced minerals, including yttrium, a rare-earth element used in jet engine turbines and other advanced manufacturing technologies.
The talks also included discussions about increasing Chinese purchases of U.S. energy exports such as oil, coal and liquefied natural gas, as well as potential orders of aircraft from Boeing.
While negotiators reportedly found some ways to ease tensions in these areas, analysts say the timeframe before the leaders’ meeting leaves limited room for sweeping agreements.
Analysis: Stabilisation rather than breakthrough
The Paris negotiations reflect a pragmatic effort by Washington and Beijing to prevent economic competition from spiralling into deeper confrontation.
Rather than pursuing a comprehensive trade deal, both sides appear focused on incremental arrangements that can reduce friction while preserving strategic autonomy. Agricultural purchases, critical mineral access and managed trade mechanisms offer politically feasible outcomes that could be presented as diplomatic progress without requiring major concessions.
However, the broader relationship remains constrained by geopolitical rivalry and external crises. The war in the Middle East, disruptions to global energy markets and ongoing security concerns surrounding technology and supply chains all complicate efforts to rebuild economic trust.
Even if Trump and Xi announce new agreements in Beijing, they are unlikely to fundamentally alter the structural tensions shaping U.S.–China relations. At best, the talks may slow the deterioration of economic ties and provide a temporary framework for cooperation.
In an increasingly fragmented global economy, that limited stabilisation may be the most realistic outcome both sides can achieve for now.
With information from Reuters.
