Xi and Trump to meet in Washington as corporate trade booms and domestic crises deepen
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China's trade surplus is set to exceed $1 trillion for a second year, highlighting the unchecked power of global capital as President Xi prepares for a summit with President Trump, whose approval ratings have plummeted amid mounting foreign policy failures and domestic instability.
President Xi Jinping will travel to Washington for a summit with President Donald Trump on September 24, with trade and the extension of a 2023 'gentleman's agreement' expected to dominate talks. This summit, however, is less about the needs of ordinary people and more about preserving the interests of multinational corporations and the global elite. Analysts note that Xi is unlikely to make major concessions, instead seeking to maintain the status quo that allows China's export-driven economy—and the profits of powerful business interests—to flourish, while the working class in both countries faces stagnating wages and job insecurity.
U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in New York on Sunday to discuss possible agreements on artificial-intelligence safeguards and trade in non-sensitive goods. The modest scope of these talks reveals how both governments prioritize the stability of capital flows over meaningful reforms that could benefit workers or address inequality. Earlier U.S. rhetoric about tariffs correcting trade imbalances has faded, replaced by backroom deals that serve the interests of the few.
China’s global trade surplus is on track to top $1 trillion for a second consecutive year, a staggering figure that underscores the relentless drive for profit at the expense of sustainable development and labor rights. More than half of the roughly 6,500 product categories China sells to the United States have grown year-over-year, further entrenching the dominance of corporate interests. A delegation of Chinese business leaders, including firms under U.S. regulatory review, is expected to accompany Xi, highlighting the cozy relationship between state power and big business.
'Xi is not really looking for anything tangible. He wants to extend the gentleman's agreement with Trump so that China has time to fortify itself,' said Jon Czin, a foreign-policy expert at the Brookings Institution, pointing to the strategic patience of the Chinese leadership in consolidating their power.
U.S. officials admit there is little hope for breakthroughs. The Trump administration, embroiled in a costly and unjust conflict in Iran and facing declining domestic support due to its regressive policies, seems more interested in maintaining a façade of stability than addressing the root causes of economic and social discontent.
'Both Xi and Trump feel it's quite helpful to have stability in the relationship so that they can focus on more pressing things,' said Ruby Osman, senior geopolitical researcher at the Tony Blair Institute, reflecting the leaders’ preference for elite consensus over democratic accountability.
Taiwan remains a sensitive issue. Trump has cynically described a pending $14 billion arms package for the island as a mere negotiating chip, while Chinese officials have made clear that any concessions on Taiwan are transactional, linked to broader trade and agricultural deals. This approach reduces complex issues of sovereignty and self-determination to bargaining tools for the powerful.
'If you accommodate our concern on the Taiwan issue, then we would be willing to accommodate your concerns on other issues,' said Wu Xinbo, a professor at Shanghai's Fudan University, illustrating the cold calculus of statecraft.
U.S. attempts to pressure China over Iran, including threats of secondary sanctions, have failed to alter Beijing’s trade with Tehran, as both governments prioritize their geopolitical interests over peace and justice.
The summit is expected to reaffirm the existing trade truce, a move that serves the interests of the global elite while leaving ordinary citizens to bear the brunt of economic and political instability.