In Beijing summit, Trump touts "fantastic trade deals" with Xi as U.S. and China try to stabilize relationship
President Trump said Friday that he and Chinese President Xi Jinping made some "fantastic trade deals" and shared a desire to end the U.S.-Iran conflict during this week's summit in Beijing, as both countries look to claim the visit as a win — and aim to keep their relationship on a stable footing after last year's trade war.
The leaders of the two superpowers held a bilateral meeting at China's seat of power — the Zhongnanhai Garden compound — late Friday morning local time, before Mr. Trump boarded Air Force One and began flying back to Washington. Mr. Trump and Xi met for tea and walked around the centuries-old gardens, mostly out of earshot of reporters, and ate a lunch that featured seafood dishes, Kung Pao chicken and scallops, beef and mushrooms, stewed beef buns and dumplings.
In brief remarks in front of cameras before lunch, Mr. Trump called the trip an "incredible visit" and said "a lot of good has come of it." He did not offer details Friday on any trade agreements struck between the two countries, but a day earlier, he said China had agreed to buy American planes and agricultural products. It's unclear how close the two countries are to reaching any broader deals, including setting up a U.S.-China "Board of Trade," which was floated by some Trump administration officials.
Beyond trade, Mr. Trump said the two leaders "feel very similar on Iran," and noted that both countries want the Strait of Hormuz — a key chokepoint that 20% of the world's oil usually travels through — to be reopened.
Mr. Trump also said Xi is expected to visit the U.S. in September.
"The relationship is a very strong one, and we've really done some wonderful things," the U.S. president said.
The two presidents previously met in a closed-door session on Thursday that lasted roughly two hours and 15 minutes, covering topics like trade, Iran and Taiwan. Mr. Trump characterized that meeting as "great."
Mr. Trump told Fox News after Thursday's formal meeting that Xi said he's not going to give any military equipment to Iran, which the U.S. president called a "big statement." It remains to be seen if Xi follows through. Mr. Trump also told Fox News that Xi wants to help reopen the Strait of Hormuz, which has been effectively closed since the U.S.'s war with Iran began in late February. China is Iran's biggest oil customer.
On trade, Mr. Trump told Fox News on Thursday that China had agreed to buy American oil, soybeans and Boeing jets. Treasury Secretary Scott Bessent said on CNBC the U.S. and China have also discussed forming a "Board of Trade" and "Board of Investment" to oversee commerce between the two countries.
Both countries are looking to stabilize their economic relationship after last year's trade war, which briefly saw the two countries impose tariffs of over 100%. It's not clear whether the U.S. and China are on track to strike a comprehensive trade agreement, but the Trump administration has pushed for Chinese commitments to buy U.S. goods, and the U.S. is looking to preserve American access to Chinese rare earth minerals.
A number of top business executives joined the president's visit. Asked how the meetings had gone, Tesla's Elon Musk said the talks were "wonderful" and they achieved "many good things." Apple's Tim Cook gave the press a thumbs up sign.
According to Chinese state media, Xi warned Mr. Trump in Thursday's meeting of possible "clashes and even conflicts" if the Taiwan issue isn't "handled properly." It was a stern warning, but the U.S. didn't mention Taiwan in its readout of the meeting. Mr. Trump and Xi ignored questions about Taiwan.
Taiwan is central to China's interests, as it vows to retake control of the island and refuses to rule out using military force to accomplish that goal. The U.S. has opposed any unilateral change to Taiwan's status, and has provided billions in military support to the island, but has a policy of not stating outright whether it would come to Taiwan's defense if it is invaded by China.
A regional source confirmed to CBS News' Margaret Brennan that China brought up Taiwan in Thursday's talks. The U.S. then acknowledged Beijing's position and repeated Washington's view, and the conversation moved on to the next topic. A senior administration official told CBS News' Sara Cook that both sides reiterated their long-stated stance on the issue and everyone understands each other's position.
Xi greeted Mr. Trump with an elaborate state visit, including a state dinner featuring an instrumental version of "YMCA," one of the president's favorite songs. At the banquet, Mr. Trump said he was inviting Xi and his wife for a reciprocal visit at the White House on Sept. 24.
Mr. Trump is not expected to hold a press conference with reporters before leaving Beijing, although it's always possible he takes questions on the plane.
The U.S. president had planned to visit China earlier this spring, but cited the war with Iran for postponing.