Xi, Trump Kick Off Beijing Summit with Optimistic Tone, Meeting Ends After 2 Hours
Chinese leader Xi Jinping and US President Donald Trump delivered opening remarks to their high-stakes summit that extended a hand of partnership to each other.
Xi began by describing the turbulent global situation, saying the world had “arrived at a new crossroads". He then said the US and China “should be partners rather than opponents, achieve success for one another, prosper together”, and work together on global challenges.Trump praised their “fantastic relationship”, described Xi a “great leader".“It’s an honor to be your friend, and the relationship between China and the USA is going to be better than ever before,” he added.
Closed door talks between Xi and Trump are underway – and there’s a full slate of issues expected to be on the agenda in the coming hours today and talks tomorrow.Trade: The two sides are likely to keep October’s trade war truce alive and could agree to more reductions or even a mechanism – like a “board of trade” to both control and facilitate trade.Critical minerals: Beijing paused rolling out more stringent curbs on the export of critical minerals last October, but the US will likely push to ensure better and stable access to these strategically critical goods.
Investment and market access: Both sides are expected to probe more opportunities for their companies to invest and operate in their respective countries. This area is complicated by controls on both sides limiting investment in strategic sectors and American concerns about unfair competition with subsidized Chinese business, like EV makers.Tech: China is keen to see the US drop controls on access to high-tech goods, like the most advanced semi-conductors and chip-making equipment.Chinese purchases of US goods: The US meanwhile is expected to look to ink big deals on Chinese purchases of agriculture, aviation and energy.Iran: Beijing, as a close partner of Tehran and top buyer of its oil is a potential peace broker in the US-Iran conflict. Trump is expected to ask Xi to help push Iran to open the Strait of Hormuz.Taiwan: China opposes US arms sales to Taiwan, which it claims as its own territory, and may probe pushing the US to adjust its Taiwan policy to express “opposition” (instead of non-support) to Taiwan independence. The US has signaled no intention to change policy.
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