US President Donald Trump has hailed an amazing meeting with his Chinese counterpart, Xi Jinping, amid rising hopes for a de-escalation of tensions between the world's two biggest economies.
Beijing was less effusive, stating that both sides had reached a consensus to resolve major trade issues during their first face-to-face meeting in six years.
Trump's trade war had initiated tit-for-tat tariffs exceeding 100% on both sides, but a truce was agreed upon in May, even as tensions remained prevalent.
Thursday's discussions did not culminate in a formal agreement, but they indicated that both parties are edging closer to a deal through prolonged negotiations behind the scenes.
Trade deals typically take years to negotiate, yet the current Trump administration has expedited the resolution of trade differences within a few months.
A notable achievement for Trump is China's agreement to lift export controls on rare earth materials, which are essential for manufacturing various technologies, including smartphones and military equipment.
Trump expressed optimism to reporters aboard Air Force One about China committing to buy substantial amounts of soybeans and other agricultural products, providing relief to American farmers affected by Beijing's retaliatory tariffs.
While this meeting yielded positive news, no breakthrough was announced concerning TikTok, the popular app at the center of US concerns over national security.
President Trump also mentioned the US's decision to reduce some tariffs related to ingredients used for fentanyl, addressing his narrative of trade fairness.
Beijing's endeavors to engage with US tech firms like Nvidia indicate ongoing rivalry over advanced technology, especially regarding AI chips, where the US seeks to limit China's access.
As a sign of warming relations, Xi Jinping extended an invitation for Trump to visit China in April.
Despite the promising engagement, the two leaders revealed contrasting approaches, with Xi maintaining a calm demeanor while Trump was more animated, reflecting the high stakes of their discussions.
Henry Wang, a former advisor to China's State Council, characterized the meeting as a good beginning for future negotiations, echoing sentiments of cautious optimism.
