Beijing, Washington release Xi-Trump summit trade outcomes

We have a deal!

• Or at least a deal about the need to keep dealing.

In separate announcements on May 16 and 17, respectively, China’s commerce ministry (MofCom) and the White House announced the preliminary outcomes of the Trump-Xi summit in Beijing.

On the trade front, it was a tale of two readouts.

According to Beijing:

• The two sides agreed in principle to cut tariffs on products of mutual concern "at equivalent scales” and also to "expand two-way trade" – including in agricultural products.
• The US said it will work to address China's concerns regarding the automatic detention of dairy and aquatic products and the recognition of Shandong province as an avian influenza disease-free zone, among other things.
• China agreed to purchase US aircraft, and the US guaranteed the supply of aircraft engines and parts to China.
• China pledged to work to address US concerns about the registration of beef facilities and the export of poultry meat from certain US states to China.

According to the White House:

• China agreed to purchase 200 American-made Boeing aircraft (no mention of the US guaranteeing supply)
• China agreed to purchase at least US$17 billion per year in US agricultural products in 2026 (prorated), 2027, and 2028, on top of the October 2025 soybean deal.
• China renewed the expired listings of 400+ US beef facilities and said it will work with US regulators to lift the remaining suspensions.
• China resumed poultry imports from avian flu-free US states.
• China said it will address US concerns on rare earth and critical mineral supply shortages – naming yttrium, scandium, neodymium, and indium – including restrictions on the sale of production and processing equipment and technologies.

Where the two converged: Both confirmed the establishment of a Board of Trade and a Board of Investment – the former to discuss non-sensitive trade issues, with an explicit tariff-reduction mandate, and the latter to discuss…er…investment issues?

• (Btw, you can read more on the ag and aircraft deals here.)

Missing from both: No mention of fentanyl tariffs, chip restrictions, the various trade-and-investment-restriction listings of companies on both sides, or outbound investment restrictions, among a long list of bilateral gripes.

Get smart: The two boards could be the biggest thing that came from the summit.

• The trade board, in particular, could provide both sides with a standing, low-key mechanism to resolve issues without each round becoming a summit-level event.

What to watch: Whether the preliminary understandings actually survive implementation.

• Agricultural and aviation purchases are comparatively straightforward.
• Rare earths and critical minerals are the real test case.