China's president Xi Jinping landed in Washington for a three-day state visit - the first by a Chinese president in the United States in more than a decade. Today was day two.
And as it ended, nothing had been signed or published.
Update, 27 September: on day three both sides published separate summary documents - the White House on 25 September and China's foreign ministry on 26 September. We read both and compared them in a separate article: Two Documents, One Summit. The article below describes the position as it stood at the end of day two, and has not been revised.
Errors or inaccuracies are possible. Spotted something that looks wrong? Write to me and I will correct it.
In brief:
- There is no joint statement, and none is planned - each side will publish separately.
- The one achievement was announced the day before the summit - and it is smaller than expected.
- Taiwan and Iran were not mentioned publicly at all.
- And the market did not react to the summit - what moved it today was Iran.
What Happened Today
The visit followed a ceremonial schedule: a welcome ceremony at the White House in the morning, a military review in the Rose Garden with a flyover, and short opening remarks by both leaders. The bilateral meeting itself was held behind closed doors, and the state dinner is taking place tonight.
And what did not happen matters more: there is no document on the White House site, no statement from the US trade representative, no Treasury statement, and no announcement of a purchase package. The estimates that spoke of an import package of some $30 billion remain estimates - they are attributed to a commentator, not to a document.
The Real Achievement Was Announced a Day Earlier
On 23 September, the day before the summit opened, the US Treasury secretary said in an interview that the trade truce reached in Busan would be extended - by two months, to 10 January 2027.
And why that is less than it looks:
- The market expected a one-year extension. We got two months.
- The Busan truce, from October 2025, froze on the American side a rule extending sanctions to subsidiaries, and on the Chinese side export restrictions on rare earths.
- Beijing has not yet confirmed the extension officially - the report comes from the American side only.
- The Treasury secretary added that the Chinese had proposed "a bigger deal", and that the US is open both to continuing the existing arrangement and to examining the bigger one.
So what was achieved is a postponement, not a settlement.
And One Thing Worth Correcting in the Picture
The tariff structure between the two countries changed fundamentally in February of this year, and that does not always appear in the coverage.
On 20 February 2026 the US Supreme Court held, six to three, that the emergency economic powers act does not authorise the President to impose tariffs at all. That is what the ruling itself says, in Learning Resources, Inc. v. Trump: the majority opinion was written by the Chief Justice, and the dissents came from Thomas, Alito and Kavanaugh.
And because the "fentanyl" tariff on China - 10% on most imports - was imposed under that very act, it fell with it. It does not exist today.
What remains in force are tariffs under other sections of trade law - on steel, aluminium, copper, vehicles and parts, and tariffs of 10% to 12.5% on an enormous volume of imports. The average today, per an estimate by the Congressional Research Service: above 36% on the US side, and about 30% on the Chinese side.
Artificial Intelligence Got a New Term
Trump wrote this morning on his network: "Big day with President Xi of China. Superintelligence will be a big topic of discussion, but I want to keep it exactly where it is. That is also China's position."
And in his opening remarks Xi said, in translation: "We have both the capability and the responsibility to develop and govern artificial intelligence for good, and to ensure that its development always remains under human control and serves the wellbeing of people." He added that he hopes Chinese companies "will be treated fairly" in the United States.
And what was not agreed: the US proposed a mutual notification mechanism for artificial intelligence incidents touching on national security. It was not approved. The next discussion of the subject is set for November, at the Asia-Pacific summit China is hosting.
Taiwan and Iran: Complete Silence
Neither leader mentioned Taiwan or Iran publicly. The subjects are on the agenda, and the meeting in which they were discussed was closed.
Around the summit there were voices: a spokesman for the Chinese defence ministry said today that the Taiwan question is "the most important issue in China-US relations", and that Beijing hopes Washington will handle it "with the utmost caution". China's ambassador described Taiwan and human rights as "red lines".
And the Market? It Reacted to Something Else Entirely
Stocks on Wall Street are trading around the flat line, and the summit has produced no tradeable news. As of 3:18 PM New York time, about an hour before the close, the exchange-traded fund tracking the S&P 500 was down 0.03%, and the one tracking the Nasdaq 100 down 0.01%. These are not closing prices.
What did move the market was Iran: the Brent oil fund rose 2.42% at the same hour, amid the escalation in the Gulf. And Boeing fell 1.73% - with no Chinese aircraft order, which is the classic announcement of a state visit like this one.
And What Is Left for Tomorrow
The third and final day: tea at the White House, a joint visit by both couples to the National Archives to see historical documents, and a farewell. There is no joint press conference at any stage of the visit.
הזווית שלי
דעה אישית של אילן אברמוב - לא ייעוץ ולא המלצה
What I take from this day is that when there is no joint statement, that is not a technical failure - it is the result.
Two countries that agree on something publish a document. Two countries that want to look as though they are getting along without committing to anything publish pictures - a ceremony, a flyover, a dinner. This summit, so far, is the second kind.
And the two-month extension is the best evidence of that. Whoever agrees on a direction extends for a year. Whoever extends for two months is buying time until the next round - and puts the expiry date right before the new year begins.
And what I find particularly interesting is the phrasing on artificial intelligence. "I want to keep it exactly where it is, and that is also China's position" - that is not a statement about cooperation. It is a statement about not moving. When two great powers agree not to move, it means both are happier with the status quo than with any alternative that was proposed.
And for an investor, the practical line is simple: this summit did not change a tariff, did not open a market, and did not remove an export restriction. What it did do is push the question out by two months.
(It is important to stress: this is my personal opinion only, and nothing herein constitutes a recommendation to take any action.)
Ilan Abramov, the author, or anyone on his behalf may hold some of the securities or funds mentioned in this article.
