Xi Jinping made his second formal state visit to the US, meeting Donald Trump for talks on AI, Taiwan and trade. The two sides agreed to extend their one-year trade truce by two months before it was due to expire in November.
Xi Jinping's trip to Washington is his first state visit since 2015. Analysts are cautious about the chances of a major deal, though there may be room for progress on tariffs, farm purchases and some export controls.
Treasury Secretary Scott Bessent announced the extension after meeting Chinese Vice Premier He Lifeng in Washington. The two sides now have more time to resolve outstanding issues or negotiate a wider deal, though no new terms were announced.
Treasury Secretary Scott Bessent and trade representative Jamieson Greer sat down with He Lifeng at JPMorgan's Manhattan headquarters on Sunday. Both sides described the talks as groundwork for a planned Washington summit between President Trump and Xi Jinping later this week.
Both sides described the weekend discussions as progress, though neither released details. Research shows that better US-China relations tend to lift oil prices gradually by raising expectations of stronger demand — a different dynamic from the sharper spikes driven by supply fears.
The Nvidia chief, whose chips are central to AI development, will join President Trump when he hosts the Chinese leader in Washington on 24 September. Artificial intelligence is expected to be a central topic at the meeting.
The president drew a clear line: factories on US soil are welcome, imports are not. The remarks came ahead of a planned summit with Xi Jinping, though no policy framework has been agreed.
The two leaders backed a "fair and mutually acceptable" resolution to their long-running border dispute but set no timetable. Trade imbalances and supply chains were also on the table, with no deal announced on either front.
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