As Xi meets Trump, who’s winning their trade war?

Trade war has been central to Trump's presidency, but it didn't slash US deficits. Meanwhile, China recorded a surplus.

Trade war has been central to Trump’s presidency, but it didn’t slash US deficits. Meanwhile, China recorded a surplus. The trade war has been a cornerstone of Trump's second presidential tenure but failed to bring down deficits. Meanwhile, China clocked a mammoth trade surplus despite barriers. Chinese President Xi Jinping is scheduled to hold talks with United States President Donald Trump at the White House during his state visit – the first by a Chinese leader in more than a decade – as the world’s two largest economies are locked in an ongoing tussle over trade and artificial intelligence. Trump is expected to welcome Xi on the tarmac at Joint Base Andrews outside the US capital, Washington, DC, in a rare gesture for a high-stakes three-day visit by the Chinese leader.

He ramped up tariffs on Chinese goods after returning to power in 2025, and has since imposed curbs on the sale of AI chips to Beijing as the two nations compete for supremacy in the AI race. The future of their fragile trade truce will be high on the agenda when the two leaders meet on Thursday. US trade with China fell sharply in 2025, with trade declining nearly 30 percent compared with the year before. But China’s trade with other countries has seen a sharp rise, with Beijing