Five takeaways from Trump's summit with Xi in Washington

US President Donald Trump and Chinese President Xi Jinping held talks at the White House on September 24, focusing on trade, artificial intelligence, and the growing strategic rivalry between their countries. The US secured an extension of its trade truce, lasting only two months, giving Washington and Beijing more time to discuss economic matters.

US Treasury Secretary Scott Bessent reported that China was meeting its requirement of buying 25 million tons of soybeans but lagging on its pledge to buy $17 billion in other agricultural products. Rare-earth deliveries were also lagging, indicating significant gaps in negotiations. For companies, the result was a period of instability, with tariff rates remaining lower but policy decisions still uncertain.

Trump's visit was an opportunity to showcase a Washington being remade in his image, with troops performing a Trump-themed ceremony in the Red Garden. When asked about policy discussions, Trump brushed off questions, saying, "He loves good granite," and emphasized their shared history. Xi pressed Trump on the Taiwan issue, expressing hope the US would handle the situation with prudence and oppose Taiwanese independence.

The Chinese leader also invoked the Thucydides Trap, warning of potential military conflict between the two superpowers, while Trump focused on the benefits of cooperation.