Other BriefingsThe Xi-Trump Summit: What Was Agreed—and What Was Not
The long-awaited Xi-Trump Beijing Summit has yielded only a few tangible results, with no extension of the tariff truce negotiated in October 2025. Still, the meetings made important inroads in resolving key areas of disagreement, and resulted in the two sides agreeing to expand agricultural trade and establish new trade and investment cooperation mechanisms.
More details have emerged on the outcome of the Xi-Trump meetings in Beijing, which took place from May 14 to 15, with new comments from China’s Ministry of Commerce confirming details of the deals previously announced by the White House.
Importantly, the two sides appear to have agreed on a resolution to the restoration of the US’s tariffs on China, which were voided following a Supreme Court decision to strike down a core part of Trump’s tariff structure.
According to a White House Fact Sheet released on May 17, China agreed to purchases of US agricultural products and Boeing jets, and restored market access to American beef and poultry. The two sides also agreed to establish a Board of Trade to oversee the bilateral trade of non-sensitive goods, and a Board of Investment to discuss investment-related issues.
The visit was expected to reinforce the detente reached following the two heads of state’s last face-to-face meeting in Busan last October, which resulted in a one-year tariff truce that extends until November 2026, as well as a suspension of rare earth export controls and other trade barriers.
Statements from China’s Ministry of Commerce (MOFCOM) released in the days after the meetings confirmed some of these details, including the establishment of the boards of trade and investment and an agreement to expand two-way trade, including in agricultural products.
No extension of the trade truce – yet
What was Achieved During the Xi-Trump Meetings? Deals closed Deals pending negotiation
In an interview with Reuters on May 19, US Treasury Secretary Scott Bessent stated that the US was “not in a rush to extend” the one-year trade truce, adding that “Things are stable”. In a press briefing held on May 20, MOFCOM stated that “extending this arrangement is in the common interest of both countries” and that “both sides reaffirmed their commitment to continuing to implement the outcomes of the previous trade and economic consultations”.
The MOFCOM statement said that the two sides “will continue to implement the outcomes of previous consultations and have reached a positive consensus on relevant tariff arrangements”. It also asserted that the Board of Trade will be used to discuss issues such as tariff reductions on relevant products, and that the two sides agreed in principle to “reduce tariffs on products of equal size of concern to each other”.
While no extension was negotiated, the two sides appear to have made a breakthrough in agreeing on terms for the restoration of the US’s now-voided tariffs on China. In the Reuters interview, Bessent said he believed that China would accept the restoration of the prior tariff rates through the Section 301 investigations, “as long as they don’t go higher”. The two investigations are set to be concluded this summer.
The Chinese side has obliquely confirmed this, with MOFCOM telling reporters that it hoped the US would “honor its commitments” and ensure that “the level of US tariffs on China will not exceed the level” agreed upon following the Trump-Xi meeting in Busan in October.
This suggests that the two Section 301 tariff investigations, initiated in March following the Supreme Court’s decision to remove the two tariff lines imposed on China under the International Emergency Economic Powers Act (IEEPA), will each result in a 10 percent duty on Chinese goods, replacing the 10 percent “fentanyl” and 10 percent reciprocal tariff imposed under IEEPA. Under the stopgap tariff arrangement imposed under Section 122 of the 1974 Trade Act, the tariff on China was reduced to just 10 percent, in addition to existing tariffs imposed during Trump’s first term.
It remains unclear whether this means China will rescind the investigations launched in retaliation for the two Section 301 investigations.
While this is not a final resolution to the trade dispute, agreeing on the terms of the tariff restorations reduces the risk that the Section 301 investigations instigate another tariff war.
In addition to tariffs, the White House stated that China had agreed to “address U.S. concerns regarding supply chain shortages related to rare earths and other critical minerals”, as well as “prohibitions or restrictions on the sale of rare earth production and processing equipment and technologies”. When asked about this issue in the May 20 press briefing, MOFCOM maintained that China is continuing to review compliant permit applications, adding that “China is willing to work with the US” to improve conditions for companies and ensure the stability of global supply chains.
US seals deals for agriculture and aircraft purchases
On the agriculture and Boeing deals, there appears to be consensus. The White House Fact Sheet asserts that China approved an initial purchase of 200 Boeing aircraft, and agreed to purchase at least US$17 billion in US agricultural products each year in 2026, 2027, and 2028. The latter deal will be in addition to China’s previous commitment to purchase American soybeans made in October last year.
While MOFCOM stopped short of confirming the commitment to purchase US$17 billion in US agricultural goods, it confirmed an agreement to expand agricultural trade more broadly, which would be part of arrangements to reduce two-way tariffs and non-tariff trade barriers and restore market access for agricultural goods under the Board of Trade.
US officials have repeatedly stressed the importance of increasing agricultural trade in the run-up to the summit, and it could prove to be an easy win for the US. As part of the Busan agreement, China committed to purchasing 25 million metric tons of soybeans from the US each year in 2026, 2027, and 2028, as well as an initial purchase commitment of 12 million metric tons by the end of 2025, a target it has already reached. Trump later claimed that China was considering adding eight million tons in shipments from this base during the current season, but this has yet to be confirmed.
The White House also stated that China had restored market access for US beef by renewing expired licenses of more than 400 US beef facilities, as well as issuing new licenses. It added that China has resumed imports of American poultry determined to be free of avian influenza by the USDA.
MOFCOM confirmed the reinstatement of licenses for some beef exporters, and added that it had provided a path to resolution for other companies that had not yet been approved, including issuing requirements for rectification.
Meanwhile, the US Meat Export Federation confirmed on Friday that China Customs had granted a five-year extension to 425 American beef facilities whose licenses had expired in the China Food Import Food Establishment (CIFER) system, with 77 new establishments added to the system, confirming the White House’s claims.
Besides beef and poultry, MOFCOM had previously stated that the US would seek to resolve “China’s long-standing concerns regarding the automatic detention of dairy and aquatic products, the export of potted plants to the US, and the designation of Shandong as a bird flu-free zone”, issues that were reiterated during the May 20 press briefing. This refers to import alerts that the USDA has had in place on Chinese seafood and dairy products since 2007 and 2008, which haven’t been lifted since, as well as restrictions on imports of Chinese penjing plants. These issues were not mentioned by the White House.
No information regarding the possible approval of imports of the Nvidia H200 chips was issued by either side, despite the presence of Nvidia CEO Jensen Huang at the summit. The sale of the chip had been approved for export by the US in January, but is awaiting finalized import requirements from China. Greer confirmed that the two sides did not discuss chip export controls at the meetings.
What does this mean for the future of US-China relations?
While no final resolution to the trade dispute has been reached, agreeing on the terms of the tariff restorations reduces the risk that the Section 301 investigations instigate another tariff war. This will provide businesses in both countries a much-welcome level of stability and predictability in the short term. The lack of a concrete deal to extend the truce is nonetheless a cause for concern, as it leaves the door open for a future tariff hike should any disputes arise in the interim.
Despite the lack of a broader trade deal, the establishment of the intergovernmental cooperation platforms provides solid ground for managing relations and resolving disputes before they escalate, helping to create a more stable and predictable environment for businesses in both markets.
The agriculture and aircraft deals, while relatively narrow in scope, are also an important sign of goodwill between the two sides and serve to bolster the foundation of pragmatic cooperation that has been built since Trump and Xi’s meeting in Busan last October.
Long-term, there will be many more opportunities to reach a broader deal. Trump has extended an invitation to Xi Jinping to visit the US, expected to take place in September, which could provide the setting to reach a more lasting trade agreement before the truce expires in November.
This article was first published on May 16, 2026, and last updated on May 21, 2026.
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