> ## Content Index > Fetch the complete content index at: https://us.mikirduit.com/llms.txt > Use this file to discover other available public pages before exploring further. # Trump and Xi Meet Again on Sept. 23. Will Their Third Summit Rattle Markets Again? - URL: https://us.mikirduit.com/trump-and-xi-meet-again-on-sept-23-will-their-third-summit-rattle-markets-again/ - Published: 2026-09-22T09:34:20.000Z - Updated: 2026-09-22T09:34:20.000Z - Description: Trump and Xi meet again on Sept. 23. Past summits pressured U.S. stocks, but this time AI chips, rare earths and trade could drive the reaction. - Author: Surya Rianto - Tags: Market & Macro, Markets **Mikirduit —** President Donald Trump and Chinese President Xi Jinping are set to meet on Sept. 23, putting U.S.-China relations back near the top of Wall Street’s agenda. ### 3 Key Takeaways - Trump and Xi meet again on Sept. 23, 2026, after two prior summits that were followed by short-term pressure in U.S. equities. - The biggest stock moves came from expectation gaps, not simply positive or negative headlines—MP Materials, Boeing and Nvidia are key examples. - This time, investors should watch AI chips, rare earths, Boeing orders, agriculture and Taiwan-related risks for the most market-sensitive outcomes. Investors have some reason to pay attention. Since Trump returned to the White House for a second term on Jan. 20, 2025, he and Xi have met twice in person. In both cases, major U.S. stock indexes came under pressure in the week following the meetings, even though the summits produced agreements that benefited several industries. Could the third meeting make it a hat trick? The answer may depend less on whether Trump and Xi announce another deal and more on whether the outcome exceeds—or disappoints—expectations already priced into stocks. ## The First Meeting: Busan, October 2025 Trump and Xi held their first face-to-face meeting of Trump’s second term on Oct. 30, 2025, in Busan, South Korea, on the sidelines of the Asia-Pacific Economic Cooperation meetings. The agenda covered some of the most contentious areas in the U.S.-China economic relationship: tariffs, Chinese rare-earth exports, purchases of U.S. agricultural products including soybeans, semiconductor trade and efforts to curb exports of chemicals used to produce fentanyl. The agreement amounted to a cooling of trade tensions rather than a broad reset. China agreed to increase purchases of U.S. agricultural products and ease some restrictions involving critical minerals, while Washington reduced some tariff pressure. Yet the stock-market reaction was far from euphoric. Agriculture and rare-earth stocks posted only modest moves around the day of the summit. Some farm-equipment, semiconductor, aerospace and China-import-exposed stocks declined instead. The weakness became more apparent over the following week. From Oct. 30 through Nov. 6, the SPDR S&P 500 ETF Trust, or SPY, fell about **1.4%**, while the Invesco QQQ Trust, which tracks the Nasdaq-100, declined roughly **2.3%**. Some individual stocks moved much more sharply. MP Materials, one of the highest-profile U.S. rare-earth stocks, dropped nearly **20%** during the week after the meeting. Nvidia fell about **7.3%**, while AMD lost roughly **6.7%**. The rare-earth reaction was particularly notable. An easing of Chinese export restrictions was good news for manufacturers that depend on critical minerals, but it also reduced some of the scarcity premium embedded in U.S. rare-earth producers. In other words, a diplomatic breakthrough can help one part of a supply chain while hurting another. ## The Second Meeting: Beijing, May 2026 Trump traveled to China for the second meeting on May 14 and May 15, 2026. Formal talks were held at the Great Hall of the People on May 14, followed by a more private meeting at Zhongnanhai the next day. This summit produced a broader set of economic commitments. The U.S. and China agreed to establish a **Board of Trade** and a **Board of Investment** to manage parts of the bilateral commercial relationship. China also agreed to address U.S. concerns over shortages and restrictions involving rare-earth minerals and related processing technology. Beijing approved an initial purchase of **200 U.S.-made Boeing aircraft** and committed to buying at least **$17 billion a year in U.S. agricultural products from 2026 through 2028**, on top of soybean commitments made after the Busan meeting. China also restored or expanded market access for U.S. beef and poultry. The discussions went well beyond trade. Xi stressed the sensitivity of Taiwan, while the two leaders also discussed Iran and the Middle East. China confirmed that the leaders exchanged views on regional issues including the situation around Iran and the Strait of Hormuz. Yet once again, good diplomatic headlines did not translate into a broad rally. Aerospace-supply-chain and rare-earth stocks were among the few groups to finish the following week higher. Boeing itself fell roughly **4.2%** from May 14 through May 21 despite the 200-plane commitment. Part of the problem was expectations. Investors had been considering the possibility of a much larger Chinese aircraft order, making 200 planes look less impressive than the headline suggested. Reuters reported that the potential order could eventually rise substantially, but the initial commitment fell short of what parts of the market had hoped for. Agriculture stocks also struggled. Archer-Daniels-Midland fell more than **5%** in the following week, while Bunge declined about **2%**. Nvidia dropped nearly **7%**. The Beijing summit produced no major breakthrough on exports of advanced U.S. artificial-intelligence chips to China, leaving one of the most important technology disputes unresolved. The broader market was more resilient than individual names. From May 14 through May 21, both SPY and QQQ fell roughly **0.7%**. That was milder than the decline after Busan, but it reinforced a pattern: Trump-Xi meetings have so far produced more stock-specific volatility than broad and sustained market rallies. [Fed Rate Hike Risk: Best U.S. ETFs to Buy on a PullbackFed rate-hike expectations are pressuring U.S. stocks, but the pullback may create opportunities to gradually accumulate Nasdaq-100, S&P 500 and broad-market ETFs.![](https://us.mikirduit.com/content/images/icon/Mikirduit-5b5217b5-0f1f-47f3-8447-7bbdb392f2a1.jpg)Mikirduit USSurya Rianto![](https://us.mikirduit.com/content/images/thumbnail/ETF-on-rising-Fed-Fund-Rate-d8437dd8-6db4-4ff1-ba43-64b3adec65e4.jpg)](https://us.mikirduit.com/u-s-stocks-face-pressure-as-fed-rate-hike-expectations-build-here-are-etfs-investors-can-accumulate/) ## What Could Trump and Xi Discuss This Time? The Sept. 23 meeting comes as the two countries continue to argue over trade, technology and national security. Recent talks between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng covered trade, artificial-intelligence safety and critical minerals. The current U.S.-China trade truce is also approaching another deadline, making its extension an obvious subject for discussion. Trade is likely to remain central. Washington continues to seek greater Chinese purchases of U.S. products, while Beijing wants relief from American tariffs, technology restrictions and other commercial measures. Aircraft could again be part of the negotiations. U.S. officials and Chinese counterparts have continued discussing purchases of American products, though preparatory talks ahead of the summit had not produced progress on additional aircraft or agricultural purchases. Artificial intelligence may be an even more important issue this time. The two governments are discussing a possible bilateral mechanism for AI safety, including communication protocols for major AI-related incidents. They remain far apart, however, on access to advanced semiconductors and broader technology controls. That makes Nvidia, AMD and other semiconductor stocks worth watching. Any meaningful easing of restrictions on advanced chips could represent a much larger incremental change than another agricultural-purchase commitment. Rare earths are another major bargaining chip. China controls a dominant share of global rare-earth refining and processing, giving Beijing significant leverage over industries ranging from automobiles and electronics to defense equipment. That dependence has helped moderate Washington’s approach ahead of the summit. Taiwan could also emerge as one of the most sensitive issues. Xi is expected to press Trump over U.S. arms sales to Taiwan, while Washington has continued to stress its support for peace and stability across the Taiwan Strait. Iran may also return to the agenda. Bessent has said U.S. officials planned to discuss Iran and China’s financial ties with Tehran, while Beijing remains an important diplomatic and economic player in the Middle East. ## What Should Investors Watch? The previous two Trump-Xi meetings offer a useful lesson: positive agreements do not necessarily produce positive stock-market reactions. Markets trade on the gap between **expectations and outcomes**, not simply whether the final communique sounds constructive. Busan produced progress on soybeans and rare earths, yet several of the stocks most closely tied to those themes subsequently fell. Beijing produced a 200-aircraft commitment for Boeing, but Boeing shares declined because investors had hoped for more. That makes the setup going into Sept. 23 especially important. Investors may want to monitor several groups: **Semiconductors:** Nvidia and AMD, particularly for any change in advanced-chip export restrictions. **Rare earths:** MP Materials and other U.S. critical-mineral producers, where easing tensions can actually reduce scarcity premiums. **Aerospace:** Boeing and GE Aerospace, particularly if China announces additional aircraft purchases. **Agriculture:** ADM, Bunge and Deere, should Beijing make new commitments on U.S. farm products. For broader-market investors, volatility around the summit could also create opportunities—but historical moves should not be treated as a rule. After Busan, SPY fell about 1.4% over the following week and QQQ about 2.3%. After the Beijing meeting, both declined by less than 1%. Two observations are not enough to establish a reliable statistical pattern. Still, if political headlines trigger a larger correction in the S&P 500 or Nasdaq-100 without materially weakening the underlying earnings outlook, investors using a gradual accumulation strategy may view lower prices as an opportunity to add broad-index exposure. ETFs that track those indexes include **SPY, SPYM, IVV and VOO** for the S&P 500, and **QQQ and QQQM** for the Nasdaq-100. The more important question for Sept. 23, however, is not whether Trump and Xi shake hands. It is whether they deliver something Wall Street hasn’t already priced in. ## **The numbers are only the beginning.** Every week, Mikirduit US breaks down earnings, valuations, catalysts, and risks across U.S. stocks—so you can see what the market may be missing. [**Get the Weekly Briefing**](https://us.mikirduit.com/u-s-stocks-face-pressure-as-fed-rate-hike-expectations-build-here-are-etfs-investors-can-accumulate/#/portal/signup)