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Restoring some trade between the two countries will also help ease the strain on US consumers. They are currently having to shoulder higher prices for everyday items, caused by the tariffs. Given that Trump pledged to bring down prices in his presidential campaign, he may be able to frame this as a political victory with American voters.

China will benefit from lower US tariffs on many of its exports and Trump will suspend plans to expand trade restrictions to companies on what is known as the“entity list.” This is something China has been pushing for as it affects many of its companies. But of course, as we know, all of this could easily change.

What does this meeting tell us about the two countries' priorities?

What's very evident from the language used by the Chinese foreign ministry's report of the meeting when compared with the US president's comments on social media and elsewhere is the different sense of timing between the two cultures.

China's analysis stressed that this was all at one with the country's long-term strategy, developed“from generation to generation.” It spoke in terms of a broad sweep of development:“Our focus has always been on managing China's own affairs well, improving ourselves and sharing development opportunities with all countries across the world.”

Trump's post on Truth Social focused squarely on the deals done: the soybeans, rare earths and cooperation over fentanyl. He's clearly looking ahead to the midterm elections, which take place next November. This electoral test of what Americans think of the first 18 months of Trump's second term is looming ever larger.

On the one hand, his administration is trying to enhance its prospects by tinkering with the voting system in the US. On the other hand, the US president clearly sees foreign policy“wins” as being important when it comes to improving his approval rating with the US public.

What are the main areas of tension between the two countries now?

Tech issues will undoubtedly continue to cause tensions between Beijing and Washington. The US currently blocks Chinese access to much of the advanced tech that Beijing needs to fulfil its desire to become the world's leader in AI.

And, despite Trump's suggestion that he and Xi discussed China purchasing some chips from US firms, Chinese access to such advanced tech looks like it will remain heavily restricted.

Trump has said that any trade deal with China will not involve the export of Blackwell, the most advanced AI chip produced by US firm Nvidia. US lawmakers have previously raised concerns about allowing China to obtain the chip, suggesting it could bolster China's AI industry and weaken the US's tech edge.