Hi there everyone,
Trump gave his Summit with Chinese president Xi “a 12 out of 10” and called it “amazing”. However, it’s unlikely to occupy space in the history books.
The known outcomes are quite modest. Essentially, it looks like the Chinese were well aware that Trump came to the summit with weak cards on his hand due to problems of his own making. Trump did get a deal on rare earths and a promise to buy soy beans. The Chinese promise to combat fentanyl supplies were likely hollow, as no concrete measures appear to have been on the table.
The Chinese got 10 pct. tariff relief (the so-called “fentanyl tariff”). They are likely very pleased with a tangible result.
Most notable were the issues NOT on the table, namely Ukraine and Taiwan. Even Trump himself admitted afterwards that the issue of China’s imports of Russian oil wasn’t discussed. China, along with India, are by fare the largest importers of Russian oil and without strict enforcement against those imports, the sanctions against Rosneft and Lukoil will have very limited effect. The fact that the issue wasn’t discussed at the summit tells us that Trump’s will to enforce the sanctions is likely to be limited.
Watch my 5 min brief on the Summit right here:
Stay safe!
