Top US, Chinese officials hold talks in Korea ahead of Trump-Xi summit

President Lee Jae Myung shakes hands with U.S. Treasury Secretary Scott Bessent ahead of their meeting at Cheong Wa Dae in Seoul, Wednesday. Courtesy of Cheong Wa Dae

Top U.S. and Chinese officials met in Korea, Wednesday, with Korea serving as a neutral ground for last-minute talks on the eve of a summit between the leaders of the two countries.

The meeting took place in the VIP lounge of Incheon International Airport, where U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng fine-tuned and finalized the agenda for the summit between U.S. President Donald Trump and Chinese President Xi Jinping, scheduled to take place in Beijing, Thursday.

The consultation lasted about three hours.

According to China's CCTV, the two sides “exchanged frank, in-depth and constructive views” on economic and trade issues, which have been at the center of a diplomatic row between the world’s two largest economies.

Prior to their meeting, each official paid a courtesy call to President Lee Jae Myung at Cheong Wa Dae in Seoul, with Lee expressing his best wishes for a successful summit between the U.S. and China.

Regarding the officials' visit, presidential spokesperson Kang Yu-jung said, “It reflected Korea’s position as both an ally of the U.S. and a strategic cooperative partner of China.”

The president and the two officials discussed Korea’s bilateral issues with their respective nations.

President Lee Jae Myung shakes hands with Chinese Vice Premier He Lifeng ahead of their meeting at Cheong Wa Dae in Seoul, Wednesday. Courtesy of Cheong Wa Dae

With Bessent, Lee discussed “positive economic momentum” between Seoul and Washington despite challenging external conditions, along with efforts to strengthen cooperation in security, economic and financial sectors and Korea’s reaffirmed commitment to U.S. investments, according to Kang.

The two sides also agreed to actively cooperate on key agenda items for next year’s G20 summit, which will be chaired by the U.S.

Lee underscored the importance of such cooperation as Korea prepares to host the G20 summit in 2028, with Bessent acknowledging the country as a key partner in such forums.

During the meeting between Lee and the Chinese vice premier, the “full restoration” of Korea-China relations was highlighted, marked by reciprocal state visits — Xi’s trip to Korea in October 2025 and Lee’s trip to China in January of this year — representing an important achievement in pragmatic, interest-centered diplomacy.

“A foundation is being established for more balanced and mutually beneficial Korea-China cooperation,” the spokesperson said, adding that cooperation will continue across various fields, including the economy, industry, trade and culture, to produce tangible outcomes.

Regarding the Bessent-He meeting, Kang said the choice of venue reflected the fact that Busan in southeastern Korea was the site of the previous U.S.-China summit in October 2025.

While Cheong Wa Dae did not comment further, foreign affairs experts said the U.S.-China meeting in Korea carried significant meaning, as it reflects trust and confidence in Korea’s pragmatic diplomatic approach.

“The two countries wrapped up the most important trade-related agenda here, meaning they are placing more weight on Korea,” said Min Jeong-hun, a professor at the Korea National Diplomatic Academy.

He referred to speculation that critical minerals, tariffs and other economic issues that drove up trade tensions between the world’s two largest economies were likely to be addressed.

“And as the Korean president met with both U.S. and Chinese officials and discussed areas including technological and economic cooperation, it enhances the country's standing and enables Korea to convey its position, making it a very positive development,” Min added.

Asked about the impact on Korea resulting from the U.S.-China summit, analysts projected that it could have implications for global supply chains for critical minerals and Korean goods that overlap with those produced in China.

“The lower U.S. tariffs on Chinese goods may be disadvantageous for Korea, as Chinese products become somewhat cheaper in the U.S. market,” a researcher at a private think tank said on condition of anonymity. “There could be short-term negative effects on Korean companies, and this is something that warrants close monitoring.”

In a webinar hosted by The Asia Group, Tuesday, Jennifer Lee, the group's managing principal, said the summit itself could provide “a bit more time for South Korea to develop its critical mineral supply chain."

She said the summit may also improve the regulatory environment for U.S. companies operating in China, which “could have some implications for competitors in South Korea."