US President Donald Trump left Beijing after a two-day summit saying he had struck 'fantastic trade deals, great for both countries', but few details have emerged on what the two superpowers agreed.
Trump arrived for the high-stakes summit with Chinese leader Xi Jinping on Wednesday, accompanied by a high-profile business delegation spanning agriculture, aviation, electric vehicles, and artificial intelligence (AI) chips.
Trade was at the forefront despite recent tensions over the Iran war, with businesses hoping for key deals and an extension of the tariff truce due to expire in November.
The visit was characterized by warm rhetoric and symbolism, with Trump expressing his appreciation for the elaborate welcome and inviting Xi to the White House in September. Xi labeled the visit as 'historic and landmark'.
However, neither side announced significant trade breakthroughs or comprehensive business agreements.
Trump claimed that China agreed to buy 200 Boeing jets, with an option for an additional 750 planes, although there has been no confirmation of this from China. Additionally, Trump mentioned that American farmers would benefit from China’s commitment to purchase 'billions of dollars' worth of soybeans.
If finalized, this would be Boeing's first major Chinese deal in nearly a decade, as previous trade tensions had largely isolated the manufacturer from this crucial market.
On tariffs, both leaders established a 'Board of Trade' aimed at managing their economic relationship without reopening negotiations, but it remains unclear what this entails.
The discussions also hinted at expanding access for US companies in China and increasing Chinese investments in American industries, despite a complex regulatory environment in China.
While Taiwan and the Iran conflict featured as sensitive topics during discussions, they were overshadowed by the lack of concrete outcomes from the summit.
As Trump invited Xi for a return visit in September, both parties will presumably continue deliberating, hoping for a trade breakthrough that remains yet unattained.
