Trump's tone shifted from tough-on-China to friendly at the Beijing summit, suggesting the US is negotiating from weakness — bad news for the "tough on China" narrative and uncertain for American carmakers.

• Trump repeatedly called Xi "my friend," dropped the usual aggressive talk, and invited Xi to the White House on September 24.
• Tim Cook, Elon Musk, and other US CEOs attended; Eric and Lara Trump were also in Beijing, reportedly chasing business deals, raising conflict-of-interest concerns.
• The big open question is whether Chinese EV makers like BYD and Xiaomi will be allowed to build factories in the US — Fox News and US automakers are pushing back hard, warning it would crush the American auto industry.
• Treasury Secretary Bessent appears to be the real negotiator, meeting Chinese officials behind closed doors; Taiwan was not addressed publicly.
• No major announcements yet on Chinese purchases of US soybeans or Boeing planes.

Outlook: Watch for concrete deals on soybeans, Boeing, and Chinese factory investment in the US over the next few days, plus any move on oil prices.