Trump China visit yields few deals so far

President Donald Trump left a two-day summit in Beijing on Friday claiming he had struck multiple trade deals with China, but the details remained vague — and financial markets responded with a selloff.

Dow futures dropped more than 300 points, or 0.6%. The broader S&P 500 futures fell 1%, while Nasdaq futures slid 1.4%. Brent oil futures rose 3% above $108 a barrel as no firm resolution emerged on reopening the Strait of Hormuz. Soybean futures sold off sharply after Washington described a nebulous Chinese commitment to buy agricultural products. Bond yields rose as traders grew cautious about inflation.

The trip marked the first time a U.S. leader met with Xi Jinping in the Chinese capital since November 2017. Trump had postponed the event from April as he navigated an energy crisis sparked by his decision to launch a war with Iran.

He arrived Wednesday evening with a notably weaker hand than China. The president faces growing backlash at home as gas and consumer goods prices rise, consumer sentiment drops to record lows, and midterm elections loom — something Xi does not need to worry about.

What was actually announced

On the final day, Trump said Beijing would purchase 200 Boeing aircraft and expressed interest in buying more U.S. oil, given Middle East disruptions. He also said he would consider lifting sanctions on Chinese companies that buy Iranian oil.

U.S. Trade Representative Jamieson Greer said the administration expected a commitment to buy agricultural goods in the “double-digit billions” of dollars, but offered no specifics. Beijing has not confirmed any of Washington’s statements.

Analysts had low expectations for significant deals, given the dismal state of U.S.-China relations. Still, the absence of substantive breakthroughs stood in stark contrast to Trump’s 2017 visit.

Nine years ago, Trump brought nearly 30 U.S. executives. The U.S. Commerce Department announced 37 deals totaling more than $250 billion before he left Beijing — including a commitment from Beijing to buy 300 Boeing airplanes that was never fulfilled.

Seventeen executives, different priorities

This time, Trump was accompanied by 17 executives, mostly from tech and financial firms: Nvidia CEO Jensen Huang, Apple CEO Tim Cook, and Tesla CEO Elon Musk.

Kent Kedl, founder of risk advisory firm Blue Ocean Advisors in Shanghai, said the 2017 cohort focused on securing specific export agreements. This year’s group seemed more interested in access to the country’s market and to Trump himself.

Those seeking inroads into the country face a much tougher sell now. Beijing has nurtured homegrown firms as part of a national push for self-sufficiency in tech, manufacturing, and domestic consumption — a push accelerated by the first Trump administration’s trade war.

Huang, a last-minute addition, has lobbied the U.S. government to approve sales of less advanced chips to the country. But Beijing has held off on purchases, partly to support domestic chipmakers.

Musk’s Tesla has been losing ground in the country to rival BYD. According to Counterpoint Research, Tesla’s EV market share there fell to 10% in the last quarter of 2025, down from 14% a year earlier. Tesla lost its status as the world’s largest EV seller to BYD last year.

Apple’s Cook faces challenges from smartphone makers like Huawei and Xiaomi. Apple held about 22% of the smartphone market share in the country as of end of last year, per Counterpoint, and still runs significant electronics assembly operations there.

Boards, tariffs, and the dog that didn’t bark

Without any announcements of U.S. investments in the country, Treasury Secretary Scott Bessent said Thursday the two nations discussed a board of investment for Chinese investment in non-sensitive U.S. sectors. He also mentioned a board of trade that could facilitate repealing some tariffs on about $30 billion of goods.

But Trump said the subject of tariffs never even came up during his negotiations with Xi.

Analysts say more deals may be finalized in coming days, especially for U.S. agricultural and energy exports.

“For the meeting to be deemed a success by Trump’s rural constituents, the hope remains that Beijing this week will announce further multi-year mega U.S. agriculture purchases, including corn and meat, while confirming soybean purchasing commitments made last October,” wrote Wendy Cutler, senior vice president at Asia Society Policy Institute.

Even signed statements can take months to materialize — if they do at all. Capital Economics senior China economist Leah Fahy noted that several projects announced in 2017 never came to pass, including an $84 billion investment in shale gas and chemical manufacturing in West Virginia and a $43 billion investment in Alaska LNG facilities.

“A look back to Trump’s last visit to the country highlights why any headline deals should be looked at with a healthy degree of scepticism,” Fahy wrote.

Ultimately, the country’s economy needs the U.S. less than it did before — and that seems to include its biggest businesses as well.