Trump's trip to China looked like a win for Beijing and a loss for American workers, with worrying signals about Taiwan.

• Xi gave Trump red carpet treatment and private garden tours, and Trump came away soft on Chinese spying, saying it is fine because the US does it too.
• Trump brought CEOs from Nvidia, Tesla, Apple, BlackRock, Blackstone, and Boeing, but no workers or manufacturers, basically begging China for investment.
• The one concrete deal, Boeing selling 200 planes, came in below the expected 500, and Boeing's stock fell.
• On Taiwan, Trump refused to say if the US would defend the island, paused weapons sales, and said he does not want to fight a war 9,500 miles away.
• Ro Khanna fears Trump traded away leverage because the Iran war is going badly and China holds a near-monopoly on rare earths needed by US industry.
• The worry is a quiet bargain: Trump gets a free hand to keep fighting Iran, China gets a freer hand to pressure or eventually take Taiwan.

Outlook: China is more likely to keep squeezing Taiwan slowly than invade, but US military stocks are drained by the Iran conflict, so Taiwan looks much harder to defend if Beijing moves.