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US Treasury Secretary Steven Mnuchin and Chinese Vice Premier He Lifeng are holding talks in New York on Sunday, days before Chinese President Xi Jinping's state visit.
Their meeting is scheduled to last most of the day at the headquarters of JPMorgan, with the presence of US Trade Representative Robert Lighthizer.
The talks come ahead of a meeting between Presidents Donald Trump and Xi Jinping, which is expected to help ease trade, technology, and strategic tensions between the two major powers.
Mnuchin told reporters before joining the Chinese delegation, "I look forward to focused, in-depth, and constructive talks today, paving the way for the meeting of our leaders."
One of the main goals of the talks is to extend the truce reached by Washington and Beijing last year, after they imposed hefty punitive tariffs on each other, which ends in November.
US officials also want to ensure that China does not impose new restrictions on its exports of rare earth metals, which are used to produce key magnetic components for cars, smartphones, and defense equipment.
Mnuchin is also leading the economic aspect of the US war on Iran, imposing more sanctions and issuing warnings to drain Tehran's financial resources.
China is an important diplomatic supporter of Iran and a major buyer of its oil.
Trump is expected to give his Chinese counterpart a rare welcome on Wednesday, as he will be at the airport to greet him on the eve of the state visit, according to information obtained by AFP from a US official.
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