What Trump Gained, and Didn’t, From China

Andrew here. With President Trump set to arrive back in Washington on Friday, we’re taking a hard look at what his high-stakes summit in Beijing actually achieved. The TL;DR: It didn’t lead to the “grand bargain” many had anticipated.

While there were optics of cooperation between Trump and Xi Jinping, concrete deals — including on Nvidia chips or tariffs — were few. Trump just said that he rejected a proposal from Xi, China’s leader, to help broker a peace between the U.S. and Iran, leaving the critical Strait of Hormuz effectively shut.

Ultimately, the president is coming home to rising oil prices and a slumping bond market.

What was gained (and wasn’t) in Beijing

President Trump departed Beijing a few hours ago, hailing “fantastic trade deals” struck during his two-day summit.

Still, many analysts and investors appear underwhelmed by a lack of details or breakthroughs on key issues like tariffs, Iran and tech restrictions. The summit seems to have fallen short of already diminished expectations.

Article source: https://www.nytimes.com/2026/05/15/business/dealbook/trump-china-summit-report-card.html