Presidents Trump and Xi are meeting in Washington for their second in-person summit this year, aiming to strengthen their fragile trade truce that expires on November 10, one week after the U.S. election. Tariffs remain high despite the cooling: the effective U.S. rate on Chinese products reached 22.8% in July, the highest among major U.S. trading partners, while China maintains duties of 31% on American goods. Trade between the two countries has dropped by nearly 30% compared to the previous year, with the U.S. goods trade deficit with China standing at approximately $91.2 billion. Artificial intelligence is now at the top of the agenda, with both powers seeking to establish a dialogue on AI incidents, while sanctions on Iran and China’s role as Tehran’s top trading partner also complicate negotiations.
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