President Donald Trump touched down in Beijing on Wednesday, marking the first U.S.-China leaders’ summit in nine years. He and President Xi Jinping face a packed agenda that spans tariffs, rare‑earth export controls, Taiwan, and the fate of American farm sales. Investors will watch how the dialogue shapes the two economies that together account for roughly 40% of global GDP in the post‑pandemic era.

Trade friction dominates talks. A Supreme Court ruling in February struck down Trump’s global 10% tariff, yet the administration is pressing two new cases—forced‑labor and industrial‑production—that could reinstate duties this summer. China, meanwhile, seeks broader tariff relief and an end to U.S. sanctions on its purchase of Iranian oil, a demand that could affect energy markets worldwide and U.S. manufacturers.

Military rivalry looms large. Xi is expected to press Trump for a firm stance against Taiwanese independence while Washington has stalled a roughly $13 billion arms package for Taiwan, fueling Chinese demands for reduced U.S. weapons sales. At the same time, American firms scramble for secure supplies of rare earths, pressing Beijing to relax export controls that have already disrupted supply chains for future tech.