Trump-Xi Tariff Talks Yield No Deal, TikTok Sale Path Clears

Trump-Xi

Trump-Xi tariff talks produced no tariff agreement on Friday. However, both sides signaled movement on a potential TikTok sale. Trump thanked Xi for “the TikTok approval” and cited progress on trade and fentanyl.

China’s readout framed the Trump-Xi tariff talks around fairness for Chinese firms. Beijing urged an “open, fair, non-discriminatory” US business environment. It also welcomed ByteDance’s negotiations with US buyers.

Earlier this year, Trump linked tariff relief to a TikTok sale. The Trump-Xi tariff talks did not resolve broad duties that now burden bilateral trade. US energy exports to China remain largely curtailed.

Tariffs, agriculture, and new measures

US soybean sales to China have lagged early in the 2025-26 season. Through two weeks, commitments trailed last year’s 5.94mn t pace. Meanwhile, Washington is assessing a 30pc broad tariff on Chinese imports.

China currently applies a broad 10pc tariff on US goods. It also adds 10–15pc on energy and farm commodities. Without a deal by 10 November, both sides warn rates could rise by 24 percentage points.

Beijing opened an antitrust probe into Nvidia last week. The US plans port fees on Chinese ship operators and vessels from 14 October. Those charges include $50/net ton and $18/net ton, respectively.

Diplomacy calendar ahead

Trump plans to meet Xi at APEC in South Korea on 31 October–1 November. He also outlined travel to China early next year. Xi may visit the US “at an appropriate time,” pending further progress.

The Chinese readout noted Xi’s 3 September military parade discussion. Both parties kept channels open despite unresolved tariff issues. Talks continue while agriculture and technology disputes persist.

The Metalnomist Commentary

Tariff uncertainty continues to cloud pricing and procurement cycles. Near-term decisions on duties and platform divestment will shape fourth-quarter trade flows and 2026 planning across trans-Pacific supply chains.