President Trump touched down in Beijing to a grand welcome of military honors and cheering crowds, setting the stage for his summit with Chinese leader Xi Jinping. The ceremonial greeting masked underlying tensions as both nations navigate an increasingly complex economic relationship worth hundreds of billions annually.

Their discussions will tackle divisive topics including tariff disputes, Taiwan policy, sanctions, and the global AI race. With low expectations for sweeping agreements, markets are focused on potential deescalation that could ease supply chain pressures affecting $600 billion in annual trade flows between the world's two largest economies.

Trump may press Xi on China's secret arms negotiations with Iran, while rare-earth mineral dominance adds strategic weight to U.S. considerations. China supplies 60% of global rare-earth materials essential for American missile production, giving Beijing significant leverage in any trade negotiations.