Bessent calls US-China talks very successful, Board of Trade operational ahead of summit

The tone is constructive, but the reported outcomes are procedural and no tariff rates or purchase volumes have been given, so markets are unlikely to treat this as a breakthrough. US energy and agricultural exporters are the obvious sentiment beneficiaries if goods in those categories end up on the final Board of Trade list, though that depends on Chinese demand and tariff treatment that has yet to be spelled out. The emphasis on consumer and low-tech items suggests tariff relief is aimed at non-strategic goods, leaving the sensitive areas of chips and rare earths outside the mechanism for now. With the November 10 truce expiry unaddressed in the comments reported so far, headline risk remains for the summit. --- Earlier: China holds loan prime rates for 16th month as Fed hike narrows room to ease --- Washington and Beijing left New York with a working Board of Trade, a second round of AI talks and a Monday follow-up, but no word yet on the November 10 truce expiry. Summary: US Treasury Secretary Scott Bessent said he had a very successful engagement with Chinese officials on trade and AI in New York on Sunday. The two sides agreed to meet again on an AI dialogue, and the US proposed a notification mechanism between the two countries. US Trade Representative Jamieson Greer said the Board of Trade has been made operational, with US and Chinese teams continuing to work on it. Greer said consumer goods and low-tech items are expected to be included from the Chinese side, while US goods could include energy products, agricultural goods and potentially medical devices. China's top trade negotiator, Li, said the talks were not bad, that the working group will continue on Monday, and that both sides discussed AI alongside trade and investment. The meetings, which included Chinese Vice Premier He Lifeng, were held ahead of a summit this week between Presidents Donald Trump and Xi Jinping. The comments reported so far did not cover the US-China trade truce, which expires on