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US, China Economic Chiefs Meet in Paris to Clear Path to Trump-Xi Summit
US President Donald Trump and Chinese President Xi Jinping talk as they leave after a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, Oct. 30, 2025. Photo: REUTERS/Evelyn Hockstein
Top US and Chinese economic officials wrapped up the first of two days of talks in Paris on Sunday to iron out kinks in their trade truce and clear a path for US President Donald Trump’s trip to Beijing to meet with Chinese President Xi Jinping at the end of March.
The discussions, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, were expected to focus on shifting US tariffs, the flow of Chinese-produced rare earth minerals and magnets to US buyers, American high-tech export controls and Chinese purchases of US agricultural products.
The two sides met for more than six hours at the Paris headquarters of the Organization for Economic Co-operation and Development, with talks to resume on Monday morning, a Treasury spokesperson said. China is not a member of the club of 38 mostly wealthy democracies and considers itself a developing country.
The spokesperson did not provide any details on the tone or substance of the talks, and Chinese officials left the OECD without speaking to reporters.
US Trade Representative Jamieson Greer, who is participating in the talks, said on Friday that US officials want to ensure stability in the US-China relationship.
“We want to make sure that we continue to get the rare earths we need for our manufacturing base, that they keep buying the kinds of things they should be buying from us, and that the leaders have a chance to get together and make sure that the relationship is going the way we want it to go,” Greer told CNBC before departing for Paris.
The talks between Bessent, He, Greer and China trade negotiator Li Chenggang follow a string of their meetings in European cities last year to ease trade tensions that threatened a near collapse of trade between the world’s two largest economies.
US-China trade analysts said that with little time to prepare and Washington’s attention focused on the US-Israeli war on Iran, prospects for a major trade breakthrough are limited, 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 re-escalation of tensions,” said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington.
Trump may want to come away from Beijing with major Chinese commitments to order new Boeing aircraft and buy more US liquefied natural gas and soybeans, but to get that he may need to offer some concession on US export controls, Kennedy added.
Trump and Xi could potentially meet three other times this year, including at a China-hosted APEC summit in November and a US-hosted G20 summit in December that could yield more tangible progress.
IRAN WAR OIL CONCERNS
The Iran war will likely come up at the Paris talks, especially in reference to the spike in oil prices and the closure of the Strait of Hormuz, through which China gets 45 percent of its oil. Bessent on Thursday announced a 30-day waiver of sanctions to allow the sale of Russian oil stranded at sea in tankers, a move to raise supplies.
On Saturday, Trump urged other nations to help protect shipping in the Strait of Hormuz, after Washington bombed military targets on Iran’s Kharg Island oil loading hub and Iran threatened to retaliate.
“Meaningful” progress in Sino‑US economic cooperation could restore confidence to an increasingly fragile global economy, China’s state-run Xinhua news agency said in a commentary on Sunday.
TRADE TRUCE REVIEW
The two sides are expected to review their progress in meeting commitments under the October 2025 trade truce declared by Trump and Xi in Busan, South Korea. The deal forestalled a major flare-up in tensions, trimmed US tariffs on Chinese imports, and paused for a year China’s draconian export controls on rare earths. It also paused the expansion of a US blacklist of Chinese companies banned from buying high-technology US goods such as semiconductor manufacturing equipment.
China also agreed to buy 12 million metric tons of US soybeans during the 2025 marketing year and 25 million tons in the 2026 season, which will start with the autumn harvest.
US officials, including Bessent, have said China has so far met its commitments under the Busan deal, citing soybean purchases that met initial goals.
But while some industries are receiving rare earth exports from China, which dominates global production, US aerospace and semiconductor companies are not and are facing worsening shortages of key materials, including yttrium, used in heat-resistant coatings for jet engines.
“US priorities will likely be about agricultural purchases by China and greater access to Chinese rare earths in the short term” at the Paris talks, said William Chou, a senior fellow at the Hudson Institute, a Washington think tank.
NEW TRADE PROBES
Greer and Bessent also bring a new irritant to the Paris talks, a “Section 301” investigation into unfair trade practices targeting China and 15 other major trading partners over alleged excess industrial capacity that could lead to a new round of tariffs within months. Greer also launched a similar probe into alleged forced labor practices in 60 countries, including China, that could ban certain imports into the US.
The probes aim to rebuild tariff pressure on trading partners after the US Supreme Court struck down Trump’s global tariffs under an emergency law as illegal. The ruling effectively reduced Trump’s tariffs on Chinese goods by 20 percentage points, but he immediately imposed a 10 percent global tariff under another trade law.
China on Friday denounced the probes and said it reserved the right to take countermeasures. An editorial by state-run China Daily added that the probes were representative of unilateral actions that complicate negotiations.
“The new round of talks is both an opportunity and a test,” Xinhua said.
“Whether the upcoming talks can achieve progress will largely depend on the U.S. side. Washington needs to approach the negotiations with a rational and pragmatic mindset and act in line with the principles that underpin stable China-US economic relations.”
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Downed Planes Raise New Perils for Trump as Tehran Hunts for Missing US Pilot
Traces of an Iranian missile attack in Tehran’s sky, amid the U.S.-Israeli conflict with Iran, in Tehran, Iran, April 3, 2026. Photo: Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
Two US warplanes were downed over Iran and the Gulf, Iranian and US officials said on Friday, with two pilots rescued and a third still missing and being hunted by Tehran’s forces.
The incidents show the risks still faced by US and Israeli aircraft over Iran despite assertions from US President Donald Trump and his Defense Secretary Pete Hegseth that their forces had total control of the skies.
The first plane, a two-seat US F-15E jet, was shot down by Iranian fire, officials in both countries said.
The second plane, an A-10 Warthog fighter aircraft, was hit by Iranian fire and crashed over Kuwait, with the pilot ejecting, two US officials said.
Two Blackhawk helicopters involved in the search effort for the missing pilot were hit by Iranian fire but made it out of Iranian airspace, the two US officials told Reuters.
The degree of injuries among the crew of the aircraft remained unclear. The status and whereabouts of the missing F-15E crew member was not publicly known.
Iran’s Revolutionary Guard Corps said it was combing an area near where the pilot’s plane came down in southwestern Iran and the regional governor promised a commendation for anyone who captured or killed “forces of the hostile enemy.”
Iranians, who have been pummeled by American air power for weeks, posted gleeful messages celebrating the plane downings. Iran’s Parliament Speaker Mohammad Baqer Qalibaf said on X that the U.S. and Israel’s war had been “downgraded from regime change” to a hunt for their pilots.
Trump has been in the White House receiving updates on the search-and-rescue operation, a senior administration official told Reuters. The Pentagon and US Central Command did not immediately respond to requests for comment.
NO SIGN OF END TO WAR
The prospect of a US service person being alive and on the run inside Iran raises the stakes for Washington in a conflict with low public support and no sign of an imminent end.
Iran has officially told mediators it is not prepared to meet with US officials in Islamabad in coming days and that efforts to produce a ceasefire, led by Pakistan, have reached a dead end, the Wall Street Journal reported on Friday.
The US and Israel opened the campaign with a wave of strikes that killed Iran’s Supreme Leader Ayatollah Ali Khamenei on February 28. The war has killed thousands and threatened lasting damage to the global economy.
So far, 13 US military service members have been killed in the conflict and more than 300 have been wounded, according to the US Central Command.
Iran has rained down drones and missiles on Israel. It has also taken aim at Gulf countries allied to the US, which have so far held back from joining the war directly for fear of further escalation.
In a security alert on Friday, the US embassy in Beirut said Iran and its aligned armed groups may target universities in Lebanon and urged US citizens in the country to leave while commercial flights are still available.
Israel has been waging a parallel campaign against Iran-backed Hezbollah in Lebanon after the militant group fired at Israel in support of Iran.
TRUMP THREAT TO STRIKE BRIDGES, POWER PLANTS
On Friday, as Trump threatened to hit its bridges and power plants, Iran struck a power and water plant in Kuwait, underlining the vulnerability of Gulf states that rely heavily on desalination plants for drinking water.
On Thursday, Trump posted footage on social media showing dust and smoke billowing up as US strikes hit the newly constructed B1 bridge between Tehran and nearby Karaj, which was due to open this year, and said more attacks would follow.
“Our Military, the greatest and most powerful (by far!) anywhere in the World, hasn’t even started destroying what’s left in Iran. Bridges next, then Electric Power Plants!” he wrote in a subsequent post.
On Friday, a drone hit a Red Crescent relief warehouse in the Choghadak area of Iran’s southern Bushehr province.
Kuwait Petroleum Corporation said its Mina al-Ahmadi refinery had been hit by drones. Other attacks were also reported to have been intercepted in Saudi Arabia and Abu Dhabi. Missile debris landed near the Israeli port of Haifa, site of a major oil refinery.
Oil markets were closed after benchmark U.S. crude prices gained 11% on Thursday following a speech by Trump that offered no clear sign of an imminent end to the war.
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US-Iran: Diplomatic Push Falters as Qatar Steps Back and Pakistan Talks Stall
Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani speaks after a meeting with the Lebanese president at the presidential palace in Baabda, Lebanon, Feb. 4, 2025. Photo: REUTERS/Emilie Madi
i24 News – Diplomatic efforts to secure a ceasefire between Washington and Tehran appear to have reached an impasse, as key regional mediators pull back and broader talks stall.
According to reporting by The Wall Street Journal, Qatar has informed US officials that it does not wish to take a central role in mediating between the two sides. Officials familiar with the matter said Doha has made clear it is “not willing” to lead negotiations or act as the primary broker.
At the same time, Pakistan-led efforts to bring Iranian and American officials together have also stalled. Mediators say Tehran has refused to attend proposed meetings in Islamabad, calling Washington’s conditions “unacceptable,” further underscoring the widening gap between the two sides and the growing difficulty of restarting dialogue.
Despite the deadlock, diplomatic channels have not fully closed. Turkey and Egypt are continuing parallel efforts to revive talks, with discussions underway about potential alternative venues, including Doha and Istanbul.
US President Donald Trump downplayed the impact of recent military developments on diplomacy, including the destruction of a US fighter jet during operations in Iran. Speaking in a brief exchange with an NBC News journalist, he said: “No, not at all. It’s war. We are at war.”
He further fueled speculation with a cryptic social media post on Truth Social, writing: “Keep the oil, anyone?” criticising international allies on Friday over rising fuel prices. Trump appeared to mock allies such as the United Kingdom, writing that they should “keep the oil.”
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Report: Iran Retains Significant Missile Capability Despite Weeks of US-Led Strikes
Iranian missiles are displayed in a park in Tehran, Iran, Jan. 31, 2026. Photo: Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
i24 News – Despite weeks of sustained airstrikes by the United States and its allies, Iran has reportedly managed to retain a substantial portion of its military capabilities, particularly its ballistic missile arsenal.
According to a report by The New York Times citing US intelligence assessments, Tehran has developed methods to mitigate the impact of the strikes, allowing it to preserve and restore key parts of its missile infrastructure.
While the Pentagon has claimed responsibility for striking more than 11,000 targets over five weeks and reducing the rate of Iranian missile fire, intelligence officials now caution that the actual damage may be more limited than initially assessed. Iranian forces are reportedly able to rapidly repair or reactivate missile launchers stored in heavily fortified or underground facilities, sometimes within hours of being hit.
Analysts also point to the widespread use of decoy sites, which may have drawn strikes away from operational assets. Many of the targeted locations are believed to have contained dummy installations, complicating efforts to accurately gauge the degradation of Iran’s ballistic capabilities. Combined with deep underground bunkers and dispersed storage networks, this approach is seen as enabling Tehran to maintain a higher level of readiness than publicly estimated.
US intelligence officials assess that this resilience reflects a deliberate strategy: preserving a credible long-range strike capability as both a deterrent and a bargaining tool in any future negotiations, while ensuring regime survival and continued regional influence.
Despite sustained air dominance claimed by Washington and its allies, Iran’s adaptive tactics continue to complicate battlefield assessments, leaving the true balance of power in the conflict uncertain.