After Xi-Trump, China tech stocks retreat as market weighs substance of ‘fantastic’ deals
Mainland benchmarks slip as investors lock in profits following Beijing summit, while analysts say the lack of specific deal terms suggests a deterioration ‘freeze’
While US President Donald Trump concluded his three-day state visit to Beijing by hailing “fantastic trade deals”, an immediate lack of specifics left some investors wondering if the high-stakes meeting delivered more theatre than substance.
“This has been an incredible visit. I think a lot of, a lot of good has come of it. We’ve made some fantastic trade deals, great for both countries,” Trump said on Friday following a second day of meetings with his counterpart, President Xi Jinping, before flying back to the United States.
So far, no official announcement of such deals has been made, aside from piecemeal details shared by Trump and his administration during media interviews over the past two days.
That includes suggestions that China could purchase as many as 200 Boeing jets and “double-digit billions” worth of American agricultural products annually over the next three years, as well as Beijing’s interest in buying US oil.
This summit feels less like a peace treaty and more like engineers reinforcing a suspension bridge during a storm