Trump-Xi Summit: US-China Economic Deals Hang in the Balance
US President Donald Trump and Chinese President Xi Jinping will meet in Washington on September 24 to discuss several economic commitments made during their last summit in Beijing four months ago.
The commitments cover Boeing aircraft, agricultural purchases, tariffs, investment, and critical minerals, but progress has been uneven across these areas.
One of the largest commercial announcements from the May summit was China's commitment to buy 200 Boeing aircraft. However, the orders have not yet been fully formalized, with US Trade Representative Jamieson Greer stating that about 140 aircraft were in a 'good state' and documentation was being prepared for another 10.
On agricultural purchases, progress has been faster on soybeans, with China on track to meet its annual commitment of 25 million metric tonnes. However, the broader commitment to buy at least $17 billion of US agricultural products annually through 2028 remains unclear, with some predicting that meeting this target would require tariff waivers for US agricultural imports.
The May summit also opened the door to a $30-billion tariff package, but these reductions have yet to be implemented. The two sides are still discussing the structure and functions of the new Board of Trade and the operating model for reciprocal tariff reductions.