President Donald Trump and Chinese President Xi Jinping wrapped up their two-day meeting in Beijing on Friday, with both sides appearing to claim the visit as a success. The U.S. president left China after a final meeting with Xi, including a traditional tea ceremony and a photo session, as reported by CBS News. Trump described the Thursday meeting as ‘great,’ highlighting that Xi reportedly said he would not provide military equipment to Iran, a ‘big statement’ according to Trump.

Trade, Iran, and Taiwan on the Agenda

The closed-door meeting on Thursday covered topics such as trade, Iran, and Taiwan, with Trump noting that Xi wants to help reopen the U.S. embassy in Iran, which has been effectively closed. China is Iran’s largest oil customer. However, Xi also warned Trump of possible ‘clashes and even conflicts’ if the Taiwan issue isn’t ‘handled properly,’ according to Chinese state media — the U.S. did not mention Taiwan in its official readout of the meeting.

Taiwan is a sensitive issue for China, which claims the island as its own and has not ruled out using military force, the U.S. has provided billions in military support to Taiwan but has not committed to defending it militarily. A regional source confirmed to CBS News’ Margaret Brennan that China raised Taiwan during the talks, and the U.S. acknowledged Beijing’s position before moving on to other topics.

Trump’s Iran Claims and Trade Tariffs

Separately, Trump claimed in a White House event on June 6 that Iran has agreed not to pursue nuclear weapons, and he suggested a deal could be reached within a week. However, with deep mistrust and potential backlash from hardliners in Iran, analysts remain skeptical, as Trump also hinted at new tariffs, including a 50% rate on copper, which would take effect in 30 days, according to ForexLive and TradingView.

Trump’s tariff proposals have sparked global economic concerns, while U.S. tariff revenue could reach $300 billion this year, and emerging market stocks have not fully priced in tariff risks, according to UBS. The PBOC set the USD/CNY central rate at 7.1541, slightly lower than the expected 7.1806 — Gold ETFs are also seeing increased inflows as trade tensions persist.

Diplomatic Balancing Acts

While the U.S. and China focused on trade and security issues, North Korea’s state media emphasized its diplomatic interactions with China. North Korean coverage of Kim Jong Un’s meetings with Xi has received more attention domestically than his summits with South Korea and the U.S., according to 38 North. Kim’s government must balance its diplomatic outreach with anti-South Korean and anti-U.S. propaganda, a delicate act that could shift if diplomacy falters.

Trump’s visit to China was also overshadowed by ongoing trade tensions and global economic uncertainty. The Reserve Bank of Australia and the Reserve Bank of New Zealand are preparing for potential rate cuts, while the European Central Bank’s officials will speak on monetary policy in the coming days. Trump also announced plans to release details on new tariffs for seven or more countries on Wednesday, further fueling market speculation.

As Trump departed China. The focus remained on whether the promises made during the meetings would translate into concrete agreements. With Trump claiming progress on Iran and trade, and Xi emphasizing the need for cooperation, the true impact of the visit will depend on follow-through and the evolving global economic setting.