Trump-Xi Summit Ends With Warm Words, Few Firm Deals

The Trump-Xi Beijing summit produced no confirmed trade agreements, with China declining to validate US announcements on Boeing aircraft orders, soybean purchases, and oil imports, while average US tariffs on Chinese goods remain at 47.5% and two-way trade stands at US$415 billion, well below its 2022 peak. 

US President Donald Trump left Beijing after a two-day summit with Chinese leader Xi Jinping saying he had struck "fantastic trade deals, great for both countries," but neither government confirmed the details of any binding agreements, and analysts cautioned that the outcome amounted to stabilization rather than a structural reset in the world's most consequential trade relationship.

Trump arrived on May 13 accompanied by a delegation of roughly 30 executives spanning agriculture, aviation, EVs and artificial intelligence, including Tesla's Elon Musk, Apple's Tim Cook, BlackRock's Larry Fink, Boeing CEO Kelly Ortberg and Nvidia's Jensen Huang, the latter a last-minute addition that signaled AI and semiconductor access were more central to talks than initially indicated.

Trump told reporters aboard Air Force One that China had agreed to buy 200 Boeing aircraft, with a potential commitment to purchase an additional 750 planes, a deal that, if finalized, would be the planemaker's first major Chinese order in nearly a decade. He also said US farmers would benefit from Chinese purchases of "billions of dollars" of soybeans, and that Beijing had expressed interest in buying US oil.

The White House said both leaders agreed to establish a "Board of Trade" to manage the bilateral investment relationship without reopening tariff negotiations, and that Xi "expressed interest" in purchasing more US oil. US Treasury Secretary Scott Bessent said he expected progress on a mechanism to support future investment.

China's Foreign Ministry did not confirm any purchases or deals. Spokesperson Guo Jiakun said only that "the essence of China-US economic and trade relations is mutual benefit and win-win cooperation," and that both sides should work to implement the "important consensus" reached by the two leaders. Xi told US business leaders that China's "doors will open wider" and that American firms would have "broader prospects" in the Chinese market, according to state news agency Xinhua.

Trump also said that he and Xi did not discuss tariffs at all, a notable omission given that the average US tariff on Chinese goods stood at 47.5% following last year's South Korea summit, up from 3.1% before Trump's first term, according to the Peterson Institute for International Economics. China's average tariff on US goods stood at 31.9%, up from 8.4% in 2018. Two-way goods trade totaled approximately US$415 billion in 2025, down sharply from its 2022 peak of US$690 billion.

Chips, Rare Earths and Strategic Limits

The inclusion of Nvidia CEO Jensen Huang focused attention on US export controls over advanced AI chips. Washington cleared approximately 10 Chinese firms to purchase Nvidia's H200 GPU during the summit, though the company's most advanced chips remain restricted. US Trade Representative Jamieson Greer said export controls were not a "major topic of discussion" in Beijing.

Analysts expect the issue to remain central to the relationship going forward. "I would imagine that we will see going forward a continuing effort to give China more access to advanced semiconductors, as they have already begun with some Nvidia chips," said Dexter Roberts, a nonresident Senior Fellow, Atlantic Council's Global China Hub.

Gabriel Wildau, Senior Vice President, Teneo, argued that the Iran war has increased US vulnerability on rare earths. "Washington will therefore be willing to offer tariff relief, or at least assurances not to impose new tariffs, in exchange for Beijing's commitment to keep rare earth exports flowing," he said. The October tariff truce, under which Washington suspended steep tariff increases while Beijing eased restrictions on rare earth exports, is due to expire in November.

Structural Constraints on Any Deal

Several analysts framed the summit's modest results as a reflection of deeper structural limits rather than a failure of diplomacy. "China does not trust the United States, and China wants to beat the United States in what it sees as long-term global competition," said Claire Reade, Senior Counsel, Arnold & Porter and former USTR official. "This limits what can be agreed."

Carsten Holz, Expert on the Chinese economy, Hong Kong University of Science and Technology, said China's domestic industrial rise has reduced its incentive to make concessions. "Across many industrial sectors, PRC firms hold leading or controlling positions. As a result, the PRC economy has little to gain from opening further to the United States and is likely to only offer largely symbolic gestures," he said.

Deborah Elms, Head of Trade Policy, Hinrich Foundation, put the asymmetry plainly: "Basically, Trump expects China to buy more stuff from America and let US companies operate more freely in China. What is he offering? Very little."

Iran, Taiwan and a September Return

The war in Iran and the closure of the Strait of Hormuz featured in the talks. Trump said Xi indicated a willingness to help reopen the waterway. Beijing's official statement called for "a comprehensive and lasting ceasefire" and said shipping lanes "should be reopened as soon as possible."

Taiwan was also raised directly, with Xi warning that it remained "the most important issue in China-US relations" and that mishandling it could lead to conflict.

Trump invited Xi to the White House in September for a follow-up summit. China's Foreign Minister Wang Yi confirmed Friday that Xi would make the visit. Further negotiations between the two sides are expected ahead of that meeting, with both governments signaling that the more consequential trade decisions remain unresolved.