No deals after Trump–Xi talks; Trump departs Beijing

Donald Trump left Beijing on Friday after two days of meetings with Xi Jinping without announcing major negotiated agreements on trade, tariffs, Taiwan or Iran. Chinese and U.S. officials described the talks as useful for stabilizing relations, but neither side produced a detailed package of commitments on the disputes that had driven the summit. Financial markets reacted by selling stocks and bonds while oil prices stayed volatile as traders looked for signs of progress on Iran and the Strait of Hormuz. U.S. officials said China had begun to carry out earlier purchase promises, including farm goods, but they did not present a broader settlement with Beijing. ### If Trump and Xi met for two days, what did they actually announce? Beijing on May 15 produced warm language but few specifics. Reuters reported Trump left China with no major breakthroughs on trade and no tangible help from Beijing to end the Iran war, despite extensive talks and public praise for Xi. The New York Times reported there was no indication the two leaders had resolved major points of contention on Taiwan, the war in Iran or other issues as Trump departed Beijing. (usnews.com) CNBC said the two sides had yet to announce many specific agreements even as both governments cast the visit as a step toward steadier ties. ### What happened on trade and tariffs? U.S. Trade Representative officials said China was starting to fulfill prior promises to expand purchases of U.S. farm goods and airplanes. (usnews.com) The New York Times reported the administration presented that movement as evidence that the existing trade truce was holding, even though the broader rivalry remained in place. No new tariff accord was released in Beijing. (nytimes.com) CNBC reported the administration floated the idea of a U.S.-China “board of trade,” but officials gave few details on structure, timing or authority, leaving investors without a concrete framework to judge. ### Did the summit change anything on Taiwan? Xi Jinping used the meetings to warn that Taiwan remained a central point of friction. (nytimes.com) CNBC reported Xi told Trump the Taiwan issue could jeopardize U.S.-China relations, underscoring that Beijing had not softened its position during the visit. Trump said the two leaders had talked extensively about Taiwan, according to the New York Times live coverage, but there was no sign of a new understanding or policy shift when he left Beijing. (cnbc.com) Other coverage from the trip said Trump remained undecided on sending weapons to Taiwan after the summit ended. ### Why were oil, bonds and stocks moving during the trip? Global markets sold off on Friday as traders concluded the Beijing meetings had not produced a clear diplomatic or economic breakthrough. (cnbc.com) NBC reported the market moves accelerated as Trump and his advisers discussed the summit’s outcome and as the trip appeared to yield few major business or trade deals. (nytimes.com) Oil prices were also tied to the Iran war and the Strait of Hormuz. The New York Times reported hopes for an end to the war in Iran faded after Trump failed to secure a commitment from China to help persuade Iran to reopen the strait. CNBC separately reported government bonds and international stocks fell as inflation fears mounted while Trump concluded the visit. (nbcnews.com) ### What did U.S. officials say they still got from the trip? Trump and his aides argued the meetings helped preserve direct contact with China at a tense moment. CNBC reported the visit strengthened a fragile trade truce and stabilized the bilateral relationship, even without a lengthy list of deliverables. The New York Times reported U.S. officials pointed to resumed Chinese purchases as a sign that Beijing was beginning to honor earlier commitments. (nytimes.com) That fell short of the broader outcomes Trump had sought on tariffs, Taiwan and Iran, but it gave the administration a narrower point to cite after the trip. ### What comes next after Trump’s departure from Beijing? Friday’s close of the summit leaves the next step to follow-up statements from the White House, the U.S. (cnbc.com) Trade Representative’s office and Chinese ministries. Reuters reported no major agreement was unveiled before Trump boarded Air Force One, and NBC said investors were still waiting for details behind the administration’s proposed trade mechanism with China. (nytimes.com) Any concrete movement is likely to show up first in formal readouts, tariff guidance, purchase data or announced meetings between U.S. and Chinese trade officials. As of Trump’s departure on May 15, neither government had published a substantive new deal covering trade, Taiwan or Iran. (nytimes.com) (usnews.com)