President Trump departed Beijing on Friday after two days of high-stakes meetings with Xi Jinping, leaving no clear agreement on Taiwan, trade, or the Iran war. Both leaders spoke of stability, with Trump calling the talks "fantastic trade deals" and Xi declaring a "milestone visit" and "constructive strategic stability." The summit was the first U.S. presidential visit to China in almost a decade.

The last time the two met, in October in South Korea, they agreed to pause a bruising trade war. But Beijing's extravagant welcome ceremony, state banquet, and a rare tour of Zhongnanhai — the secretive compound where Xi lives and works — masked the absence of concrete commitments. Apple CEO Tim Cook and Elon Musk were among the business executives traveling with the president.

Markets will be watching whether the diplomatic theater translates into actual trade relief. Without specifics on tariff reductions or new commercial agreements, investors have little to price in from this summit.