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J.P. Morgan

May 15, 2026

Trump Xi Summit Make It Work and Never Mess It Up

Macro ThematicMacro Economic IndicatorsCommoditiesEquitiesInformation TechnologyEnergy

The May 2026 Trump-Xi summit established a new framework of 'strategic stability' and 'G2' relations, prioritizing manageable differences over a comprehensive trade deal.

Key Takeaways

  • 1.Establishment of a 'constructive relationship of strategic stability' to guide US-China relations for the next three years.
  • 2.Agreement on regional security including keeping the Strait of Hormuz open and preventing Iran from acquiring nuclear weapons.
  • 3.No major trade deal reached, but status quo maintained through commodity purchase pledges including soybeans, energy, and 200 Boeing jets.

Table of Contents

  • Emerging Markets Asia, Economic and Policy Research
  • Other Disclosures
  • Legal Entities Disclosures and Country-/Region-Specific Disclosures

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Authors

Feng ZhuTingting GeJiayi LiTongfang Yuan

Securities

NVDABABABA700 HKByteDance

Themes

Strategic AccommodationManaged Geopolitical StabilitySelective Tech Engagement

Regions

Asia PacificNorth AmericaMiddle EastChinaUnited StatesIran