Invitation on Ice

Beijing has extended a formal invitation for a Trump–Xi summit in the Chinese capital, but Washington has yet to accept. Officials on both sides signal that the window is narrowing as disputes pile up.

Sticking Points Mount

Trade tariffs and the flow of fentanyl precursors top the agenda. The U.S. wants durable commitments on drug enforcement and market access; China seeks relief on tariff measures and clarity on export controls. With domestic politics running hot, neither side wants to look like it blinked first.

Alternatives in Play

Diplomats are gaming a fallback: a shorter leader-level pull-aside at October’s Asia-Pacific meetings, paired with intensified working groups on trade, tech and counternarcotics. That would keep channels open without the symbolism of a Beijing summit.

Markets Watching

Even modest steps—licensing timelines, data-sharing on precursors—could soothe jittery supply chains ahead of the holiday season. But a misstep risks tit-for-tat measures that hit electronics, autos and energy equipment.