Trump Leaves China With Boeing Orders, Oil Deals, and a 'Strategic Stability' Framework — But Markets Were Hoping for More

President Trump wrapped up a two-day summit with Chinese President Xi Jinping on 15 May 2026, departing Beijing with a series of high-profile trade commitments but leaving financial markets underwhelmed by a deal that fell short of the most optimistic pre-summit expectations.¹⁵ Stocks fell as Wall Street assessed outcomes from the summit, with the Dow Jones down 475 points and the S&P 500 shedding 0.9% — a market verdict that the summit was more about relationship management than transformative economic restructuring.⁶⁴

Trump had arrived in Beijing with a delegation of corporate leaders including Tesla's Elon Musk, Nvidia CEO Jensen Huang, and other senior executives, framing the trip as a chance to open China's market to American companies and demonstrate the commercial fruits of his diplomacy.²³ He told reporters he would advocate for the executives so "these brilliant people can work their magic." The business delegation's presence signalled the extent to which this summit was conceived as a commercial mission as much as a geopolitical one.²

What was agreed

The headline deal was an agreement by China to purchase 200 Boeing 737 aircraft equipped with GE Aerospace engines — a significant order for a manufacturer that has faced years of operational and reputational difficulties.⁴⁷ China also agreed to buy US soybeans, oil, liquefied natural gas, and other energy products, with US Trade Representative Jamieson Greer saying the administration expected Chinese agricultural commitments in the "double-digit billions" of dollars.⁴⁸

Beyond the specific trade commitments, the two presidents agreed on what Xi described as a framework of "strategic stability" governing the relationship for the next three years — a broad diplomatic formulation intended to reduce the risk of sudden escalation in trade disputes, military incidents, or technology restrictions during that period.⁴⁵ The summit also touched on Iran, Taiwan, and Nvidia's ability to sell AI chips into the Chinese market, the last of which is of particular commercial sensitivity given the revenue stakes for the US semiconductor industry.³

Why markets were disappointed

Before the summit, traders had priced in hopes of a larger and more concrete breakthrough. Reports circulating in the days preceding the Beijing visit had suggested a potential order of up to 500 Boeing aircraft, making the confirmed 200-plane deal feel like a pullback.⁶⁹ Boeing shares fell 2.8% to $222.70 as investors processed the gap between what had been hoped for and what was delivered.⁶

More broadly, the summit produced no fundamental shift in the tariff regime that has structured US-China trade relations since Trump's first term, nor any resolution to restrictions on Nvidia chip exports that US semiconductor companies have lobbied intensively to relax.³⁵ CNN reported that Trump and his executive delegation left China with few deals to show for it for now — with emphasis on the qualifier — suggesting further negotiations are expected.⁵

What comes next

Trump invited Xi to visit the United States in September, and Xi accepted in principle, setting up a potential follow-on summit that could produce more detailed agreements on the outstanding issues — including technology exports, chip restrictions, and the broader tariff structure.¹⁴ US-China trade watchers will closely monitor whether the agricultural and energy commitments produce actual purchasing contracts in the weeks ahead, since previous high-level agreements between the two countries have sometimes produced headline numbers that took years to materialise in actual trade flows.⁸⁵