Trump flew to Beijing for the first time in nine years. The last time was in 2017, at the beginning of the first term, when the US-China relations had not yet been covered by a wave of tariff wars. Since then, the sides have exchanged sanctions, duties, restrictions on technology exports, and investigations against corporations. Against this background, the negotiations at the House of People's Assemblies on May 14 are a pause in the confrontation, not its conclusion.
What was going on
The negotiations took place at the People's Assembly House on Tiananmen Square. In the morning, there will be an official welcoming ceremony, followed by a bilateral meeting behind closed doors lasting more than two hours. After that, Trump visited the Temple of Heaven, a state banquet hosted by Xi Jinping. May 15 is a working lunch, after which the American delegation will leave.
The Trump delegation includes Treasury Secretary Scott Bessent, National Security Adviser, Trade Representative Jamison Greer, as well as top managers of major corporations: Elon Musk, Tim Cook and Jensen Huang from Nvidia. Huang's presence added interest to the markets: he joined the delegation at the last moment, which raised expectations of discussing the supply of H200 chips.
What was discussed
Following the meeting, the parties revealed the outlines of the agenda, but not the details.
- On trade: Trump said that the United States intends to conduct trade with China "on a fully reciprocal basis." Xi Jinping responded by explaining that American companies will have more opportunities to work in the Chinese market, and called for expanded cooperation in trade, agriculture and tourism. No specific agreements on duties have been announced — 145% tariffs remain frozen until October 2026 under the terms of the previously reached temporary truce.
- On AI: the parties discussed the possibility of creating bilateral channels of communication on the risks of artificial intelligence. This is a new direction — there were no previous agreements in this area.
- On Hormuz and Iran: Xi Jinping declared China's support for the open sea corridor and against charging passage fees. The parties agreed that the strait should remain open for energy supplies. This is directly related to China's interests.: China is the largest buyer of Iranian oil.
- On institutions: the American media wrote in advance about the possible creation of a bilateral Trade Council and an Investment Council. There is no official announcement about this at the time of publication.
As a result, Trump invited Xi Jinping to return to Washington on September 24.
What wasn't there
There was no lifting or reduction of duties. There was no announcement of new trade agreements. There were no comments on Taiwan — Trump ignored reporters' questions on the subject. There were no statements about the lifting of sanctions against Chinese companies. There were also no breakthrough agreements on technologies that the market was waiting for.
Chinese stock indexes declined by more than 1% against the background of the meeting — the market, apparently, expected more.
Context: where did the negotiations start from
Since the beginning of Donald Trump's second presidency, the US-China trade has gone through several tough episodes. Duties rose to 145%, China tightened export controls on rare earth metals, and American courts challenged the legality of tariffs. In June 2025, in Geneva and London, the parties reached a temporary truce with a reduction in rates. By May 2026, it is in effect.
The US trade deficit with China has narrowed in the first four months of 2026, but remains one of Washington's key complaints. Trump initially positioned tariff policy as a way to eliminate it.
What does this mean for Russian businesses working with China?
Maintaining the duty freeze is the status quo. For Russian importers of Chinese goods, this means that the pressure on Chinese manufacturers from the United States has not increased. China's production and export facilities continue to operate as before.
More importantly, China is interested in expanding its sales markets, while the American market is partially closed by duties. Russia is one of these markets. This pressure on pricing is in favor of Russian buyers: when the seller has limited options, he is more accommodating.
On energy: Xi Jinping announced China's interest in American oil in connection with the situation in the Strait of Hormuz. If some of Iran's supplies to China come under pressure, China's demand for Russian energy resources will increase. This is a positive signal for Russian oil and gas exporters.
On technology: The discussion of AI communication channels between the US and China forms the institutional framework. At some point, this may affect restrictions on semiconductor exports, but not in the coming months.
What's next
May 15 — the second round. Trump promised to "clarify the position on Taiwan" after the talks — Finance Minister Bessant confirmed that this would happen. Putin's visit to China is being prepared separately, the dates have not been announced, but both sides have confirmed its planning.
