Trump and Xi struggle to set terms at Beijing summit

US President Donald Trump and Chinese President Xi Jinping convened in Beijing on May 14, 2026, for the first bilateral presidential summit in nine years. The meeting marks the first visit by a US president to the Chinese capital since 2017, ending a nearly decade-long hiatus in direct presidential interaction between the two nations.

Prior to the summit, the two leaders engaged in a telephone conversation, expressing anticipation for the talks and a mutual desire to make bilateral relations "better than ever." The event commenced following a welcome ceremony, with both sides characterising the initial interactions through friendly gestures.

During the summit, discussions centred on business deals and the aim to forge more cooperative ties. However, significant divisions remain between the two leaders regarding key geopolitical issues, specifically concerning Iran, Ukraine, and artificial intelligence. The extent of economic cooperation remains unclear as specific details of the discussed deals were not fully elaborated.

The summit follows a period of sparse interactions between the two leaders, with the last such visit occurring in 2017. The current engagement takes place against a backdrop of broader geopolitical tensions, with the summit characterised as high-stakes despite the outward display of diplomatic cordiality.

While the leaders agreed to pursue more cooperative ties, the underlying tensions regarding policy terms on Iran, Ukraine, and AI suggest that business deals may mask deeper strategic disagreements. The long-term impact of the summit on US-China relations remains uncertain given these stated divisions.

The event underscores the complex nature of US-China relations, where economic interests and geopolitical rivalries intersect. As the leaders navigate these challenges, the specific outcomes of their discussions on trade and technology will likely influence market sentiment and policy directions in the coming months.