Trump-Xi Beijing Summit Opens: Rare Earths, Ag Purchases, and Fentanyl on Agenda; Analysts Expect Process Not Breakthrough

President Trump arrived in Beijing for his first summit with President Xi Jinping since 2017 (running March 31–April 2, 2026), made possible by the February 20 Supreme Court ruling that stripped the US of its broadest IEEPA tariff leverage and gave Beijing negotiating space. Key agenda items: expanded Chinese purchases of US agricultural products (soybeans, LNG); Chinese rare earth export control concessions (China controls approximately 69% of global rare earth production, a strategic chokepoint for US tech manufacturing); and fentanyl precursor enforcement cooperation under the November 2025 extended US-China trade truce framework. Analysts framed the summit as opening a process rather than delivering a deal — China's trade surplus hit a record $213.6 billion in January–February 2026 and exports surged 21.8% year-over-year, giving Beijing leverage. Section 232 auto tariffs (25%) and ongoing Section 301 investigation tariffs remained in force and were not on the negotiating table. Markets treated the summit as a modest de-escalation signal.