Trump-Xi Beijing summit focuses on chips and trade

President Trump and Chinese leader Xi Jinping met in Beijing on May 14–15 to discuss U.S. export curbs on advanced AI semiconductors and a potential extension of a trade truce that runs through Oct. 2025. China’s Ministry of Foreign Affairs confirmed the leaders addressed major issues including trade and global stability.

The summit centered on U.S. restrictions put in place between 2022 and 2025 that limit sales of top-tier AI chips to China. Those measures target high-end semiconductors, notably NVIDIA’s H100 family, which supported more than $15 billion in annual sales before the controls.

The leaders discussed extending a trade truce brokered in South Korea that suspends tariffs on more than $300 billion of goods through October 2025. The truce covers raw materials and components used in electronics supply chains, including minerals and parts used in crypto mining rigs and battery systems.

Crypto markets reacted ahead of any formal agreement. Bitcoin climbed 2.3% to $96,800 in the 24-hour window around the summit. Several tokens tied to artificial intelligence or mining-related supply chains posted larger gains; one AI-crypto crossover token, FET, rose about 4.1% during the period. Negotiators did not announce changes to export policy during the meeting.

U.S. export curbs limited Chinese access to the most competitive semiconductors, affecting AI development and some bitcoin mining operations that rely on advanced chips for higher hash rates. Any change in access would depend on revisions to export rules, licensing procedures and enforcement practices.

No concrete policy changes were announced after the summit. Public statements emphasized cooperation without immediate commitments. Beijing reiterated its red lines on Taiwan arms sales, criticism of its political system and its stated development rights. Analysts and industry participants will monitor export control rules, licensing decisions and enforcement in the coming months.