As Donald Trump meets Xi Jinping in Beijing on 14 and 15 May, tensions between the world’s two largest powers remain high. The summit comes at a time of growing uncertainty over global trade, conflict in the Middle East, technological competition and concerns over Taiwan. Trump faces intense lobbying pressure from the semiconductor industry to ease export controls on advanced AI chips, and is hoping for a headline figure on Chinese purchases of American soy, corn, or pork. Meanwhile, Xi Jinping would dearly love a signal that Taipei can no longer count on unconditional US support. The two leaders on all sides face immense pressure, and the outcome of these discussions could affect economies, security and international stability. One commentator has said: ‘Xi is not leaving Beijing with less than he arrived with. The question is only how much Trump surrenders in exchange for a photograph and a headline.’ For an assessment of the first day of talks, see