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business/news//Bloomberg
The big meetup between Presidents Donald Trump and Xi Jinping elicited a big yawn from financial markets.
China agreed to increase imports of US farm products and aircraft after the summit.
KEY POINTS
Both countries will form working groups to discuss new investment and tariff reductions on non-strategic goods.
Disputes over Chinese rare earth export restrictions and US semiconductor controls were deliberately postponed.
Few concrete economic outcomes emerged from the summit beyond general expressions of goodwill.
The big meetup between Presidents Donald Trump and Xi Jinping elicited a big yawn from financial markets and a dearth of economic headlines. Readouts from each side said the parties agreed China would increase imports of US farm products and aircraft, and that they’d establish working groups to facilitate new investment and tariff reductions on “non-strategic” goods. Contentious issues such as export restrictions on Chinese rare earths and advanced US semiconductor technology were left for later. There “may not have been much more to come out of the two days of meetings than the vibes,” Bloomberg News observed.
Even so, the summit told us a lot about the bilateral relationship and what to expect in the months ahead. Little of it is good news for the US side.