Three days in Beijing. Negotiations, a state banquet, a walk through the garden near the Forbidden City, where Xi promised Trump rose seeds. Private meetings, a delegation with Musk, Cook and Huang from Nvidia. Trump flew away, calling the visit "historic" and "fantastic." There are almost no specifics on trading conditions in the public field.
Trump announced the achievement of "important agreements" and several trade deals. Xi called on Washington to implement the agreements reached. Both leaders agreed that Iran should not have nuclear weapons. Trump invited Xi to return to Washington on September 24.
Duties of 145% on Chinese goods remain frozen until October 2026, which was a condition of the previous truce. No new arrangements for their removal have been publicly announced.
What's left behind the scenes
Trump's delegation included Elon Musk, Tim Cook and Jensen Huang from Nvidia. The latter appeared in the delegation at the last moment, which raised expectations on the topic of chips. There have been no official statements about lifting restrictions on semiconductor exports.
On Taiwan, Trump ignored reporters' questions. According to Finance Minister Bessent, the position on Taiwan will be clarified after the visit.
Before the meeting, the American media wrote about the possible creation of a bilateral Trade Council and an Investment Council. There have been no official announcements in this regard.
Market reaction
Following the results of the first day of negotiations, Chinese stock indexes fell by more than 1% — the market clearly expected more. Maintaining the status quo without concrete easing was perceived as a disappointment, although the very fact of the meeting and the reduction of tension were assessed positively.
What does this mean for trade with China
The situation has not changed for Russian importers of Chinese goods. Chinese manufacturers are still operating under 145% tariffs in the US and are actively looking for alternative markets. In this context, Russia is a market where China is interested in supplying: the negotiating position of the Russian buyer remains strong.
On energy: Xi mentioned China's interest in American oil as a partial alternative to Iranian oil. If access to Iranian supplies is reduced, China's demand for Russian energy resources will increase.
The next meeting of the two leaders is scheduled in Washington on September 24. By this point, the trade truce is about to expire — October 2026 will become a new point of tension.
