US-China Summit to Address AI, Trade, and Currency

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US-China Summit to Address AI, Trade, and Currency

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The upcoming summit between US President Donald Trump and Chinese President Xi Jinping in Washington next week is expected to address critical issues including artificial intelligence (AI) rivalry, lingering trade tensions, and the outlook for the yuan. This meeting follows their previous summit in Beijing in May 2026, and President Trump extended an invitation to Xi Jinping for a state visit to the United States on September 24, 2026. President Trump is expected to personally greet President Xi at Joint Base Andrews on September 23, a rare gesture for a visiting head of state.

AI is a central topic, with both nations vying for technological dominance. The United States has implemented export controls on advanced semiconductors and AI chips to slow China’s progress, but some analysts suggest these measures may inadvertently accelerate Chinese innovation. China has reportedly accelerated efforts to build its own full-stack AI ecosystem, from chips to software, despite these restrictions. There are concerns about the potential for AI systems to cause catastrophic harm and the need for cooperation on safety standards, though deep disagreements persist. Chinese officials have also been accused of using “distillation attacks” to extract capabilities from American AI systems.

Trade policy remains a significant point of contention. Discussions are expected to cover a soon-to-expire tariff truce and Beijing’s export curbs on rare earths. The yuan’s value is also on the agenda, particularly after US Treasury Secretary Scott Bessent stated in August that many consider the Chinese currency undervalued. While the yuan has strengthened against the dollar this year, China is unlikely to allow significant appreciation due to its reliance on exports. A Goldman Sachs survey indicates that 46% of offshore investors and 38% of onshore investors anticipate Chinese stocks to rise after the talks, reflecting cautious optimism.

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