US and China Reach Trade Agreements, Discuss Iran at Beijing Summit

The US president told his Chinese counterpart that the two countries have settled a number of problems that others could not resolve, describing the bilateral relationship as very strong. The comments came on the final day of a summit in Beijing as the leaders toured the Zhongnanhai Garden before a working lunch.

"This has been an incredible visit. I think a lot of good has come of it," the US president said. " The Chinese leader chose the Zhongnanhai compound, which houses his primary residence, to reciprocate hospitality extended during a 2017 visit to the United States.

The Chinese leader promised to send rose seeds as a gift, prompting the US president to respond that he loved the gesture. The US president spoke of "some fantastic trade deals" struck for both countries but offered no specifics. He pledged to be "reciprocal, like reciprocal trade" when the Chinese leader visits Washington later this year.

Both leaders expressed agreement that the conflict involving Iran should end, that the Iranian regime should not acquire a nuclear weapon, and that the Strait of Hormuz must remain open for trade without tolls or military control. The US president said the two sides are "very much in agreement" on these points and on a range of other issues.

The US trade representative told Bloomberg that export controls on semiconductor chips were not a major topic at the meetings. "This was not a major topic of discussion at the bilateral meeting. We did not talk about chip export controls at the meeting," Jamieson Greer said.

The comments suggest a breakthrough on sales of advanced chips to China remains distant despite last-minute invitations extended to American business leaders for the trip. Greer added that Chinese officials appeared pragmatic on Iran and wanted to avoid being on the wrong side of the conflict.

"Our view is the Chinese are being very pragmatic – they don’t want to be on the wrong side of this. They want to see peace in that area," Greer stated.

Chinese officials warned of potential clashes over Taiwan during the summit, according to reporting that accompanied the meetings. The garden tour and lunch capped several days of talks that included discussions on trade, regional security and technology issues. The US president reiterated that the relationship had grown stronger through personal rapport built over more than a decade.

“We’ve known each other now 11 years, almost 12 years. That’s a long time, and we’ve settled a lot of different problems that other people wouldn’t have been able to settle, and the relationship is a very strong one.”

The two sides plan further talks when the Chinese leader travels to Washington in September.

Discussions on semiconductor restrictions stayed limited even as American chip executives had hoped for movement. The absence of detailed talks on export licenses for advanced Nvidia products indicated that core technology disagreements persist below the surface of the public goodwill gestures.

Officials from both countries emphasized areas of convergence on energy security and freedom of navigation through the Strait of Hormuz. The US side welcomed what it described as China's pragmatic stance toward limiting material support for Iran while both leaders voiced support for regional peace.