Trump-Xi Summit in Washington: Tariff Truce Extension and $30 Billion Tax Cut on Agenda

President Trump and Chinese President Xi Jinping meet in Washington this week for their second in-person summit of 2026, with a tariff truce extension, AI safety protocols and a proposed $30 billion mutual tariff reduction as the central agenda items. Treasury Secretary Scott Bessent said Monday that a tariff truce extension is the "baseline scenario," following weekend talks with Vice Premier He Lifeng. The current agreement, struck in Busan and set to expire November 10, suspended China's rare earth export controls and committed Beijing to purchasing US agricultural goods in exchange for reduced US tariffs. Bessent said the US will implement the deal through agricultural, energy and medical equipment exports, while China increases imports of consumer goods. AI will be the primary topic. Bessent said the two sides discussed a notification mechanism for AI-related incidents. The summit comes less than six weeks before US midterm elections, where cost-of-living concerns have driven Trump's approval to new lows.