Trump and Xi, three meetings, 11 months: What changed from Busan to Beijing to Washington

From a trade-war ceasefire in South Korea to new economic mechanisms in Beijing, Donald Trump and Xi Jinping have spent the past 11 months trying to manage one of the world's most consequential rivalries. Now, their Washington meeting puts that fragile arrangement to another test. When Donald Trump and Xi Jinping sit down in Washington on September 24, their meeting will mark the latest chapter in an 11-month cycle of negotiations between the leaders of the world's two largest economies.

Xi Jinping arrives in the United States on September 23 for a state visit, with Trump expected to personally welcome him at Joint Base Andrews. The leaders' principal talks are scheduled for September 24, with tariffs, rare earths, artificial intelligence and the future of the US-China trade truce among the issues on the table. The encounter comes nearly a year after their meeting in Busan, South Korea, and four months after Trump's visit to Beijing. Across the three meetings, the pattern has been broadly consistent: de-escalation, new economic commitments and continued negotiations, but few signs that the fundamental US-China rivalry has been resolved.

October 30, 2025: Busan, South Korea

The trade-war truce

Trump and Xi's Busan meeting came after months of escalating tariffs and retaliatory measures. Their encounter produced a one-year trade truce aimed at pulling the world's two largest economies back from a deeper confrontation. Under the arrangement, Washington reduced some tariffs on Chinese goods, including the fentanyl-related tariff, while Beijing agreed to resume major purchases of US agricultural products, including soybeans, strengthen measures against fentanyl-related chemicals and pause or ease some new restrictions on rare-earth exports. The agreement also included a suspension of several Chinese retaliatory measures against US products and companies.

What was achieved?

The immediate escalation was halted. The agreement prevented the trade war from moving towards another major tariff escalation and gave businesses in both countries a period of greater predictability. But Busan did not produce a comprehensive settlement. The agreement was structured as a temporary truce, with several contentious issues left for further negotiations.

Busan's legacy: Stop the escalation, buy time and reopen negotiations.

May 14-15, 2026: Beijing, China

From truce to economic mechanisms

Seven months later, Trump travelled to Beijing for talks with Xi, the first visit by a sitting US president to China since 2017.

The Beijing summit sought to build on the Busan understanding and move the relationship towards a more structured economic framework. The two governments agreed to establish a US-China Board of Trade to address trade in non-sensitive goods and a US-China Board of Investment to provide a government-to-government channel for investment-related issues.

There were also commitments involving critical minerals, US agricultural exports and Boeing aircraft. According to the White House, China committed to an initial purchase of 200 Boeing aircraft, while also agreeing to purchase at least $17 billion a year of US agricultural products in 2026, 2027 and 2028, alongside earlier soybean commitments. China also agreed to address US concerns over rare earths and other critical minerals.

What was achieved?

The Beijing meeting produced a broader economic framework than the Busan truce, particularly through the creation of new trade and investment mechanisms. But the summit did not eliminate the central sources of friction between Washington and Beijing. Questions remained over tariffs, technology, rare-earth controls, market access and the longer-term structure of the relationship. Beijing's legacy: Create mechanisms to manage economic competition while keeping the broader relationship stable.

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September 23-25, 2026: Washington

The test of the truce

Now Xi is heading to Washington. His September 23 arrival will be followed by the main Trump-Xi talks on September 24. Trump is expected to host a formal state ceremony and discussions with Xi, with economic and strategic issues dominating the agenda.

The timing matters. The trade truce reached in Busan is approaching its November deadline, while Washington and Beijing are still negotiating its extension. US officials have also raised concerns about China's implementation of commitments involving rare-earth exports.

What is on the table?

Trade and tariffs: Both sides are discussing the possibility of reducing tariffs on selected non-sensitive goods, while seeking to preserve the broader trade relationship. Rare earths: China's control over critical minerals remains a major issue for Washington, particularly because rare earths are crucial to advanced manufacturing and technology supply chains.

Artificial intelligence: The two countries have agreed to establish an AI dialogue mechanism covering issues including safety and national-security risks. A proposed notification mechanism for serious AI incidents is also being discussed. Agriculture and trade: Previous commitments on US agricultural purchases and broader market access remain part of the economic negotiations. Taiwan and strategic tensions: While economic issues are expected to dominate, Taiwan remains one of the most sensitive issues in the wider US-China relationship.

What has Washington achieved, so far?

Unlike Busan and Beijing, the Washington meeting has not happened yet. The key question is therefore not what Trump and Xi have already agreed to, but whether the two leaders can turn the arrangements of the previous 11 months into a longer-lasting framework. Recent negotiations have produced a Board of Trade and an AI dialogue mechanism, while discussions continue over tariffs, rare earths and the duration of the trade truce.

From trade wars to managed competition?

The trajectory of the three meetings tells a story of crisis management rather than a final settlement. Busan stopped the immediate escalation. Beijing attempted to put economic relations on a more structured footing. Washington now comes with the truce nearing a deadline and new areas of cooperation, particularly AI, entering the conversation.

The relationship remains defined by a combination of cooperation and competition. The two governments have continued to negotiate even as disagreements persist over trade, technology, critical minerals and strategic issues.