Xi Jinping came to the White House. And Trump welcomed him with an official dinner attended by more than 30 CEOs in the same room. Musk, Huang, Cook, Zuckerberg, Altman. They were all there.
And when you have the president of the United States, the president of China, and the kings of AI sitting at the same table, you expect major announcements. Right?
Well, not exactly. Many described the summit as "a lot of spectacle, little substance." But within that "little substance," there are a few things worth knowing.
THE BILLION-DOLLAR DINNER
Let's start with the most impressive part. The dinner took place in the East Room of the White House on September 24.
At the main table, alongside Trump, Melania, Xi and his wife Peng Liyuan, sat four CEOs. Elon Musk, sitting next to Melania, Jensen Huang of Nvidia, Lisa Su of AMD, and Tim Cook of Apple.
"And how much money was sitting around that table?" you might be wondering. According to Forbes, the billionaires at the main table had a combined fortune of around $1.13 trillion. Yes, you read that correctly. And around $928 billion of that belonged to Musk alone.
But they weren't the only ones. Zuckerberg, Sam Altman, Sundar Pichai, Jeff Bezos, Satya Nadella and Michael Dell were also at the dinner. From the financial world, there was Jamie Dimon of JPMorgan and Larry Fink of BlackRock, along with Mary Barra of General Motors.
Trump said the relationship between the two countries rests on a "foundation of trade and mutual respect." Nadella said both countries want technology "to help their citizens." And at some point during the evening, Trump gave guests a tour of the construction site for the White House's new ballroom.
Corporate deals? None. At least none publicly.
WHAT WAS AGREED ON TRADE
Now we get to the more interesting part for investors.
First of all, the trade truce that Trump and Xi reached in Busan in October 2025 is being extended. It was due to expire on November 10. It will now expire on January 10, 2027. In other words, we are gaining just two more months.
What does this truce cover? In very simple terms, it keeps tariffs lower than they otherwise would have been. It also places limits on China's restrictions on rare-earth exports. Which, if you remember, are critical for chips, consumer products and defense.
Bessent, however, did not hide the fact that some things did not go as planned. "Some deliverables from the Chinese side were not perfect," he said.
Second, the two countries agreed to tariff reductions on $30 billion worth of "non-sensitive" goods, in both directions. The United States will send agricultural products, lumber and cosmetics to China. And China will send small household appliances, toys and decorations to the United States.
Of course, there is a big "but." The White House is talking about "consensus on recommendations," not something final. And almost nothing was said about the major trade deal. The only agreement was to establish a trade council.
AI AND THE CHIPS THAT WERE "FORGOTTEN"
And this is where things get even more interesting.
The two countries agreed to begin a dialogue on the risks and benefits of AI, with the next round scheduled for November. A communication channel for AI-related incidents will also be established. According to reports, the two sides even agreed to use the term "super intelligence." And Xi stressed that AI must remain "under human control."
"And what about the chips? Nvidia?" you might be wondering. This is where things get strange. US restrictions on chip exports were not even included in the official communiqués.
Why? Because China now feels much more self-sufficient. Companies such as Huawei and Cambricon are expected to capture nearly 80% of China's AI server market in 2026. At the same time, the market share of Nvidia, AMD and other foreign companies is falling from 34% last year to 21% this year.
And as if that weren't enough, Nvidia recorded a $400 million loss on its remaining H200 inventory because approval from China was delayed.
In other words? Huang was sitting at the main table. But China appears to need him less and less.
THE GEOPOLITICAL SIDE
On the geopolitical front, the two leaders agreed that Iran must comply with its commitments regarding nuclear weapons. Xi also called for US-Iran talks to resume. They also agreed that no country should impose transit fees on international maritime passages. A phrase that, given what is happening around the Strait of Hormuz, did not go unnoticed.
As for Taiwan, Xi called on the United States to oppose independence. But in the joint communiqués? No mention.
And finally, the lighter stuff. Xi invited 100,000 American students to China over the next five years. And he will send two pandas, Ping Ping and Fu Shuang, to the Atlanta Zoo. The two countries will also support each other in hosting the APEC and G20 summits.
"The United States and China must maintain a line of non-conflict and non-confrontation," Xi said. And his foreign minister, Wang Yi, spoke of "a new chapter" in relations between the two countries.
