After months of threats, chest-thumping and uncertainty, the world breathed a collective sigh of relief on Thursday after a meeting between US President Donald Trump and Chinese President Xi Jinping teased at least temporary relief on a host of bilateral trade irritants.
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US Treasury Secretary Scott Bessent announced that China had agreed to buy 12 million metric tons (13.28 tons) of soybeans this year and at least 25 million annually through 2028, a key issue for anxious US farmers after Beijing stopped buying.
Bessent also said on Fox News that China has approved the transfer agreement for the short video app TikTok. But he provided no details other than to add that he expected the deal to move forward in the near future.
Analysts cautioned, however, that deeply entrenched problems in the relationship and Trump’s mercurial negotiating style could see the easing of trade tensions reversed in short order.
“Presidents Trump and Xi succeeded in stemming the active bleeding in the relationship, but whether the bandage will stick remains to be seen,” said Rorry Daniels, managing director of the Asia Society Policy Institute.
‘We have a deal’: Trump claims breakthrough after ‘12 out of 10’ talks with Xi Jinping
‘We have a deal’: Trump claims breakthrough after ‘12 out of 10’ talks with Xi Jinping
“What needs to happen next is a period of trust building where both sides detail and deliver on their commitments and create the conditions for more substantive discussions,” she added.