The Biggest Takeaways from the Trump-Xi Summit

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1:48Here today, roam tomorrow. Join now at Sonesta.com. Terms and conditions apply. Bloomberg Audio Studios, podcasts, radio, news. The Beijing summit between Presidents Trump and Xi Jinping of China is in the books. The president is on his way. As President Donald Trump left Beijing on Friday morning, following 36 hours on the ground with Chinese leader Xi Jinping, some of the summit's accomplishments started to emerge. Trump said China agreed to buy American oil, 200 Boeing jets and soybeans. A lot of great trade deals, including over 200 planes for Boeing with a promise of 750 planes. This will be by far the largest order ever.

2:37President Xi called the meeting a milestone visit that established a new bilateral relationship, all against a backdrop of pomp and ceremony.

2:50A tour of the Temple of Heaven, a state banquet attended by the leaders and top CEOs, with lobster soup, Beijing roast duck, crispy beef ribs, and children waving American flags before the president's departure on Air Force One. After years of tensions between the two global superpowers, flaring up over COVID and spy allegations, tariff battles and geopolitical conflicts, all this pomp was a big part of the message. I think both leaders accomplished something just by the fact that they were able to have this event, the summit. I think it shows that there is an effort on both sides to stabilize the relationship and that economically is beneficial to both the United States and China.

3:35John Liu oversees Bloomberg's coverage of China. The domestic audience seeing the American president here, hearing all these nice things from President Trump, I think that in terms of getting something immediately out of the summit, that was bigger for Xi. Although, of course, we also heard that President Trump is now inviting President Xi to the White House September 24th. And so there is going to be a reciprocal visit.

4:00Jeff Mason:I don't know that the president got any major, quote unquote, deliverables. Bloomberg White House correspondent Jeff Mason. But he certainly got the pomp and circumstance that he was looking for. This president in particular really likes being celebrated. I think it'll be interesting to watch how President Trump spins his trip in the coming days. But the underlying frictions between the countries haven't gone anywhere. Chief among them, the U.S.'s military support for Taiwan. There are still so many simmering tensions in this relationship, some of which came out during that meeting. The Chinese put out a readout of the meeting while it was still going on, saying that President Xi had used pretty tough language with President Trump on Taiwan.

4:48Jeff Mason:I was one of a couple of reporters who shouted a question at them about Taiwan and did you talk about Taiwan? They didn't answer that question. And President Trump looked a little bit frustrated. On Taiwan, he does not want to see a fight for independence because that would be a very strong confrontation. And I heard him out. Don't say eye to eye on a few pretty major things. And those major things are going to continue to be thorns in the relationship.

5:18Welcome to The Big Take from Bloomberg News. I'm Tim Stenevek, in for David Gurra and Sarah Holder. Today on the show, Big Take Asia host Wan Ha takes listeners inside the Trump-Xi summit, what the visit did and didn't accomplish, and what to watch for as Trump and Xi navigate the war in Iran and China's ambitions in Taiwan.

5:44Jeff Mason, John Liu, welcome. We're speaking on Friday morning Beijing time, just ahead of President Trump's departure from China. Now, this summit marks the first visit by a sitting U.S. president to China in nearly a decade. Last time, it was also President Trump. He visited in 2017 during his first term. What's changed in the U.S.-China relationship since then? It was nine years ago, but it feels like it could have been nine million years ago, right? So much has happened since. You've had COVID. You had spy balloons. You had the CFO of Huawei arrested in Canada, Joe Biden's election, two trade wars, essentially.

6:26And now here is President Trump back in Beijing.

6:30Jeff Mason:The relationship has been influenced by a bunch of different factors. Certainly the COVID pandemic, which happened at the end of President Trump's first term, really soured the president on China. He seems to have gotten over that. You don't hear him bringing it up very often anymore. He was also more ambitious in terms of wanting to crack down on intellectual property theft and some of the other thorns in the relationship during his first term. Now he's more focused on getting business deals and getting some support from President Xi about the Iran war. Some of that economic ambition seems to have changed.

7:11Jeff Mason:And yet the president also really wants to have a relationship with China that is good for the economy of the United States. John, I want to ask you then, what kind of tailwind does each leader come in with their economies, their political goodwill at home? Trump obviously likes to talk about negotiations like their card games, right? So who's got the better hand here at this table? I think the fact that both presidents are so eager to make nice speaks to the fact that they each have bigger fish to fry back at home. President Trump has the war in the Middle East with Iran. President Xi has an economy that is struggling.

7:52It is an economy that's overly dependent on exports at the moment. It's an economy that's faced deflation for the last two, three years. There are lots of pressing issues that he would like to be able to focus on, not being limited in his options by what Washington is doing in terms of sanctions and policies and diplomacy and elsewhere. And Jeff, the last time that these leaders met, the priority was trade and tariffs. Now Trump, of course, has a bigger priority, as we've talked about, Iran. How important and urgent is it for Trump to resolve the Iran war and the closure of the Strait of Hormuz?

8:32Jeff Mason:Well, he certainly did not want the Iran war to be the dominant focus of this summit. He was downplaying it a little bit in the days before he arrived in Beijing when speaking to reporters. But I think your question is spot on. It's hugely important to him. The Strait of Hormuz closure has had an impact not only on China and the U.S. and that relationship, but on the global economy. and honestly on President Trump's focus with the midterm elections coming in the United States. High gasoline prices in the U.S. as a result of this war have certainly dimmed the political hopes of Republicans who want to hold on to control of both the House of Representatives and the Senate.

9:14Jeff Mason:Certainly the Iran war and getting that settled will be key to him in terms of his domestic politics going forward. In the readout that the White House released At the end of the meeting on Thursday, they said that President Xi also agreed that Iran should not have a nuclear weapon and did not think that the Strait of Hormuz should be subject to Iran's control. So that is a win in terms of being able to show that the U.S. and China are on the same page. And John, what about China? China is obviously the largest buyer of Iranian oil, taking in roughly 90 percent of Iran's exports there. But the country isn't dependent on it.

9:57Beijing has officially opposed the war, but it's largely stayed on the sidelines. I think the main issue for Beijing when it comes to the war in the Middle East is what the secondary impact is on economies around the world. because China wants to sell its goods and products to those markets. It's depending on exports to fuel economic growth back at home, to create jobs. And if higher oil prices are going to limit how many Chinese goods Americans or Europeans or people in Southeast Asia can buy from China, that is going to have a real impact. That's going to cause pain. The longer the Strait of Hormuz is closed, the more of an impact, the more pronounced that impact becomes for China, the more motivated she will be to try and do something.

10:44But at the same time, I think there is a reluctance because there's been some talk of maybe China could be a mediator in this war. But I think on the Chinese side, there's this worry that what if a deal can't be reached? Is China going to end up looking like it's the bad guy? Is it going to get blamed for the deal not coming through? So there are lots of considerations I think Beijing is trying to balance. One issue that's required a lot of balancing is Taiwan, which China claims as its own territory. Shortly after Trump and Xi concluded their closed-door talks, Beijing released a statement about what was discussed.

11:24Let me read it here. President Xi stressed that the Taiwan question is the most important issue in China-U.S. relations. If it is handled properly, the bilateral relationship will enjoy overall stability. Otherwise, the two countries will have clashes and even conflicts, putting the entire relationship in great jeopardy. John, how significant was his statement? So it was significant that President Xi brought up Taiwan with President Trump. It was not new. And by that, I mean that every time an American president and a Chinese president have met, China has brought up the issue of Taiwan. It is by far the most important thing on the Chinese side of the relationship.

12:10President Xi made that clear to President Trump, and he would have said the same to President Biden, to President Obama. But what stood out this time was the very clear linkage to potential conflict. And that is a sort of language that we don't hear often. We have heard other Chinese officials talk about don't play with fire. We have not heard that from President Xi. So I think it does suggest that he is trying to convey this message with a higher volume to it. We have seen in the past that U.S. presidents have walked this tightrope on Taiwan, right? What's known as strategic ambiguity when it comes to Taiwan.

12:50Jeff, I wonder if you can tell us a little bit about how previous administrations have handled this relationship. And is there any sign of a departure from Trump on the U.S.'s approach to Taiwan?

13:03Jeff Mason:Certainly, previous U.S. administrations have wanted to maintain the status quo. And Secretary of State Marco Rubio essentially said that before this trip as well, that it was neither in the U.S.'s interest nor in China's interest for there to be any instability with regard to Taiwan or any changes. But I can tell you that before this trip, I spoke to some former U.S. government officials who expressed concern that President Trump would be open to maybe shifting the U.S. position on Taiwan. And that perhaps in the middle of a negotiation with President Xi, when he was seeking a business deal or support on Iran, that the impulsive nature of President Trump's presidency and just his personality and his leadership style would lead to perhaps a major concession on Taiwan.

13:54Jeff Mason:It doesn't appear as though that happened. So I think that will be interesting to watch in the coming days if we get any additional details, not only about what the Chinese said about Taiwan, which they were very quick to read out, but about what President Trump said in response. The U.S. has approved some big weapons deals with Taiwan. U.S. presidents have really not discussed Taiwan arms deals with China. Xi has previously registered his displeasure with the U.S. arms sales and has put Taiwan out there now and again as a very central issue. So the U.S. doesn't want to talk about it. China does.

14:33Did you feel that either side blinked there?

14:36Jeff Mason:It's just hard to tell. Certainly they haven't announced any major shift in U.S. policy towards Taiwan. If there were one, even a slight shift would be a pretty big deal. But the impression so far from the U.S. side is that it did not. I think it's really interesting if you look at what each side mentioned and what each side did not mention, right? So the Chinese mentioned Taiwan. The American side has been relatively reluctant to talk about Taiwan. The American side mentioned Iran. The Chinese side has been relatively reluctant to talk about Iran. I think it speaks to how each side has its own agenda in terms of what it's trying to get out of the summit.

15:16But also I think it shows how both sides in some ways are kind of talking past each other still.

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18:03I'm back with Bloomberg's Jeff Mason and John Liu, who've been covering the Trump-Xi summit from Beijing. Now, Jeff, when these two leaders last met, the big discussion was Trump's Liberation Day tariffs, which the U.S. Supreme Court has since ruled unconstitutional. How did tariffs factor into this round of negotiations?

18:25Jeff Mason:There was a sense that the two leaders might extend their trade truce with regard to tariffs. on the U.S. side and with regard to rare earths on the Chinese side. We haven't seen any specific decisions released about that or discussed about that. But you're absolutely right to note that President Trump came in on one level with an arm tied behind his back on tariffs because of that Supreme Court decision. And that has taken away what he has largely used as a cudgel with the Chinese and with multiple other allies and competitors around the world. That said, even with that sort of legal hamstring on him, the president still is using tariffs, still talks about tariffs, has promised to find other ways to use them legally, despite these new restrictions.

19:16Jeff Mason:And so though some analysts were saying that President Xi came into this summit with a stronger hand, that's certainly not how President Trump and his people viewed his position going into this meeting. We're also hearing about the China-U.S. constructive strategic stability. John, what exactly is that? So I think in many ways, I think it's about the relationship between Presidents Trump and Xi. So the way I would think about it is, Juan, if you and I are friends and we have some dispute, I nick your car by accident, because we're friends, we're going to find a way to solve that conflict in a relatively amicable way.

19:54But if you and I hate each other, and I accidentally tap your car, it's going to be a huge blow up. And so I think what that's speaking to is, what is the fundamental underlying relationship like? Because that will determine how well these two countries can deal with conflict and problems as they arise, and they will definitely arise. Jeff, Trump came with an impressive high-profile delegation, Tesla's Elon Musk, Apple's Tim Cook, and NVIDIA's Jensen Huang. How did that factor into the various deals and the deal-making there at the summit?

20:33Jeff Mason:I think it factored hugely into it. And President Xi had a separate meeting with some of those CEOs that Trump was not at. The CEOs were present in some of the pomp and circumstance parts of the summit, the welcoming ceremony and the banquet. And I think President Trump really liked that as a show of force of the business community coming together to support him and to support his goals with China. But it also goes deeper than that. I think the president really wants to come away with economic deals. And the takeaway from that is that there are positive benefits for the U.S. economy and for U.S.

21:10Jeff Mason:businesses from having an open relationship and trade between China and the U.S., but as much as possible on U.S. terms. And that was part of his message while he was here. And President Trump was able to walk away with some trade deals in hand. He said China will buy 200 Boeing planes. And U.S. Trade Representative Jamison Greer also said he's expecting an agreement for American agricultural goods worth tens of billions of dollars. Jeff, are these big enough wins for Trump to come home with, especially ahead of the midterms? The president faces some major headwinds going into the midterms. There's no doubt about that.

21:49Jeff Mason:And certainly the fuel price, gasoline price is the biggest one. But he is a marketer. He is a salesman in chief. And so he will absolutely use these deals as a way to say, look what I did when I went to Beijing. This is going to help farmers. This is going to help manufacturing. This is going to help workers. You should continue to bless and support Republicans so that my agenda can go forward after the midterm elections. Whether or not it's enough is not a question that I'm able to answer, but I can certainly say he will use it for his case and for the case of his entire party. John, let's step back for a moment.

22:28The summit really seems to be a reset for the U.S. and China after such a tense year of tariffs and wrangling over trade. What can we expect going forward? I think this trip is very important. I think it's even more interesting if you see it as the first of four potential meetings between Presidents Trump and Xi this year. President Trump is in Beijing, obviously, this week. But then he's invited President Xi to visit in September. And then, potentially, President Xi would be back in the United States in December for the G20 in Miami. And right before that, President Trump would be making another visit to China, to the city of Shenzhen, for APEC in November.