Other BriefingsThe Xi-Trump Beijing Summit – What We Know So Far
As Trump returned from his second state visit to China, the Xi-Trump Beijing Summit yielded few concrete agreements, with purchases of American agricultural products and Boeing aircraft announced by US officials but largely unconfirmed by Beijing, and the prospect of an extension to the existing tariff truce remaining uncertain.
As Trump returned to Washington from his second state visit to China, very few concrete details have been revealed on the outcomes of his long-awaited meetings with President Xi Jinping.
Statements from US officials suggest that China has agreed to purchases of American agricultural products and Boeing aircraft, but the possibility of an extension of the trade truce reached in Busan in October last year appears unlikely.
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.
Chinese readouts of the meetings have not provided any details on tangible agreements. According to a readout on the meeting in Zhongnanhai on Friday morning, the two sides have “jointly established a new positioning for the constructive strategic and stable relationship” and “reached important consensus on maintaining stable economic and trade relations, expanding pragmatic cooperation in various fields, and adequately addressing each other’s concerns”.
No indication of extension to the trade truce
Comments by the US Trade Ambassador Jamieson Greer in an interview with Bloomberg TV on Friday seem to suggest the two sides have not yet reached an agreement to extend the tariff truce reached in October last year.
When asked about a possible extension, he said “we will see about that”, but emphasized that the current agreement was “solid” and that there is a “willingness on both sides […] for each country to continue that”.
Following the US Supreme Court’s decision to strike down a core tenet of Trump’s tariff regime in February, which wiped out two key tariff lines on Chinese goods, the US launched two Section 301 investigations into Chinese trade practices. These have been met with retaliatory investigations from China, raising fears of a renewed tariff war.
When asked about the investigations, Greer stated that “there will be a certain level of tariff on the Chinese” and that the two sides will have to “manage” the possible fallout from the investigations. He added that the findings of the investigations will be released within the next several weeks, after which possible action – including tariffs – could be taken.
“The Chinese are going to be looking at what we are doing there compared to agreements we’ve had in the past on certain tariff levels, and we’ll just have to try to manage that.” – Jamieson Greer, Bloomberg TV
Greer confirmed that the two sides had discussed the establishment of a Board of Trade, a trade mechanism pushed by the US to facilitate the trade of non-sensitive goods, such as agriculture and energy products.
He also confirmed that the two sides did discuss the issue of rare earths “at all levels”, but provided no further details, instead indicating that US officials have been urging China to allow more exports in recent months. When asked about the rare earths in a regular press briefing on Friday, Chinese Foreign Ministry Spokesperson Guo Jiakun stated that “China is always committed to keeping global supply chains stable and secure”.
US seals deals for agriculture and aircraft purchases
In an earlier interview with Bloomberg TV on Thursday, Greer said that the US expects to see “an agreement for double-digit billion purchases” of general agricultural products over the next three years. , adding that they wanted to “focus on non-sensitive goods”. Trump later told reporters on Air Force One that China had agreed to purchase “billions of dollars” of American soybeans.
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.
Meanwhile, Reuters reported on Thursday that China Customs approved import license renewals for American beef that had expired years before during the summit, before appearing to halt them again. Chinese authorities have not yet commented on the issue.
In an interview with Fox News host Sean Hannity on Thursday, Trump claimed that China has agreed to order 200 Boeing jets. Previous reporting suggested the deal was initially for 500 jets, although Trump told reporters on Friday that it could be raised to 750. Foreign Ministry Spokesperson Guo declined to confirm the details when asked, stating instead that “China-US economic and trade ties are mutually beneficial and win-win in nature.”
No information regarding the possible approval of imports of the Nvidia H200 chips has been released, 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.
When will we get more information?
While details are scant, more information on a possible deal may be released in the coming hours and days as officials hammer out the specifics of the agreements. Certain details may not be officially confirmed on the Chinese side, but may nonetheless be fulfilled through action, as was the case with the agricultural purchases agreed to at the Busan meetings.
It is also possible that certain questions – such as the fate of the tariff investigations – will remain unresolved for now. Even so, the two sides may yet reach a negotiated resolution before the US acts on its findings, whether through further meetings between economic and trade officials or at the highest level. Trump has extended an invitation to Xi Jinping to visit the US, expected to take place in September, which could provide the setting for a broader and more lasting trade agreement.
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