Trump, Xi Hold Summit in Beijing on Trade, Iran Conflict, and Taiwan

By Kathryn Watson and Joe Walsh

*Updated: May 15, 2026 / 6:54 AM EDT*

/CBS News/

President Donald Trump stated on Friday that he and Chinese President Xi Jinping reached agreements on trade purchases and expressed aligned views on the U.S.-Iran conflict during a summit in Beijing. The meetings occurred as both nations sought to stabilize relations following last year's trade war.

The leaders held a bilateral meeting at the Zhongnanhai compound in Beijing late Friday morning local time, prior to Trump's departure on Air Force One for Washington. They met for tea, walked in the gardens, and had lunch featuring seafood, Kung Pao chicken, scallops with beef and mushrooms, stewed beef buns, and dumplings.

In remarks before lunch, Trump described the visit as "incredible" and said "a lot of good has come of it." He provided no specifics on new trade agreements that day. The previous day, Trump stated that China agreed to purchase American planes and agricultural products. Details remain unclear on broader agreements, including proposals for a U.S.-China "Board of Trade" mentioned by Trump administration officials.

Trump's delegation included Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, Treasury Secretary Scott Bessent, and chief executives Elon Musk of Tesla, Tim Cook of Apple, and Jensen Huang of Nvidia.

On the U.S.-Iran conflict, Trump said the leaders "feel very similar on Iran." He noted both want the Strait of Hormuz reopened. The strait, through which about 20% of global oil typically passes, has been closed since early March 2026 following U.S. and Israeli strikes on Iranian targets and subsequent Iranian responses that began in late February. The closure has halted 13 million barrels per day of oil shipments—one-fifth of global supply—prompting International Energy Agency Executive Director Fatih Birol to describe it as "the biggest energy security threat in history," with potential for inflation spikes and economic growth slowdowns. China, Iran's largest oil customer, has a significant interest in resolution.

Trump added that Xi plans to visit the U.S. in September. "The relationship is a very strong one, and we've really done some wonderful things," Trump said.


*AP/Mark Schiefelbein, Pool*

Xi described the meetings as "historic" and a "landmark," stating the two sides "reached important common understandings on maintaining stable economic and trade ties, expanding practical cooperation in various fields, and properly addressing each other's concerns," according to Xinhua, China's state news agency.

The leaders also "exchanged views on some regional hotspot issues," Xinhua reported. They held a closed-door session on Thursday lasting about two hours and 15 minutes, discussing trade, Iran, and Taiwan. Trump called that meeting "great."

In a Fox News interview after Thursday's session, Trump said Xi pledged not to provide military equipment to Iran, which Trump described as a "big statement." Compliance remains to be verified. Trump also said Xi wants to assist in reopening the Strait of Hormuz.

On trade, Trump told Fox News that China agreed to buy U.S. oil, soybeans, and Boeing jets. Treasury Secretary Scott Bessent said on CNBC that the U.S. and China discussed establishing a "Board of Trade" and "Board of Investment" to manage bilateral commerce.

The discussions follow last year's trade war, during which both imposed tariffs exceeding 100%. A comprehensive trade agreement's status is uncertain. The Trump administration seeks Chinese purchases of U.S. goods, while the U.S. aims to maintain access to Chinese rare earth minerals.

Several top executives accompanied Trump. Musk described the talks as "wonderful" and said they achieved "many good things." Cook gave a thumbs-up to reporters.

Chinese state media reported that Xi warned Trump on Thursday of potential "clashes and even conflicts" if the Taiwan issue is not "handled properly." The U.S. readout of the meeting did not mention Taiwan, and neither leader addressed questions on the topic.

Taiwan holds central importance for China, which claims the island and has not ruled out military force to achieve reunification. The U.S. opposes unilateral changes to Taiwan's status quo and has supplied billions in military aid, though its policy avoids explicit commitments to defend Taiwan against invasion.

A regional source told CBS News' Margaret Brennan that China raised Taiwan during Thursday's talks. The U.S. acknowledged China's position, reiterated its own stance, and proceeded to other topics. A senior administration official told CBS News' Sara Cook that both sides restated longstanding positions, with mutual understanding of each other's views.

This exchange occurred amid recent tensions: In early 2026, the U.S. Congress approved a $14 billion arms package for Taiwan, which Trump has not yet formalized. Chinese officials condemned the package during the summit.


*Mark Schiefelbein/AP*

Xi hosted Trump with a full state visit, including a banquet featuring an instrumental version of "YMCA." Trump invited Xi and his wife to the White House on September 24.

Trump is not scheduled to hold a press conference before departing Beijing, though he may take questions aboard Air Force One.

The visit had been planned for earlier in spring but was postponed due to the U.S.-Iran conflict.


*Kenny Holston/The New York Times via AP, Pool*

*Margaret Brennan and Sara Cook contributed to this report.*

In: Taiwan | Xi Jinping | Donald Trump | China | Beijing

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