00:00President Donald Trump has wrapped up his visit to Beijing. Air Force One is currently on its
00:04way home. It was interesting in terms of what was delivered there, talking about maybe buying a
00:11little bit more American agricultural products, 200 Boeing aircraft. Not a lot, actually, in terms
00:16of what was anticipated. So expectations not maybe being delivered upon. Let's bring in Brendan Murray,
00:20who leads Bloomberg's global trade coverage. Let's talk about this summit. So the Americans like to
00:26famously contain their enemies, certainly in the sort of post-45 era. But it feels like China now
00:32wants to have a little bit of that playbook as well. It wants a volatility dampener on Trump. It
00:39wants to limit the oscillations we've seen in policy coming out. And that appeared to be the message
00:44that came out of this summit from the Chinese. Yeah, exactly. Chinese state media came out with
00:48this phrase and called the new relationship a constructive, strategic, stable one. Doesn't
00:55sound like a title that was crafted by the China hawks in the Trump administration. I think what
01:01this reflects is that the relationship has been rebalanced in much more on the terms that China
01:08would like to see them. We will, you know, we will see how President Trump speaks to the media in
01:14the
01:15days to come about whether he, you know, sort of falls in line with this. But if you look at,
01:20if you break
01:21it down this way, the personal relationship between the two leaders, you can claim, both sides can claim
01:26a win there. President Xi scolded Trump on Taiwan and President Trump got the sort of made for
01:31television pageantry that he likes. The substance, you know, we still don't know. We still don't have
01:38a chips deal. We didn't really get anything on AI. There was very little discussion about critical
01:44minerals. We got the agriculture and the Boeing planes, but we got something less than half of what
01:49we thought the Boeing sales were going to be. And that, to a large degree, sounds to me like China
01:54saying, we'll get, we'll buy 200. We'll see how it goes. And then, and then what, you know, and then
01:59we'll take it from there. Okay. I was speculating at the beginning of the week, Brendan, or I was
02:03asking one of our correspondents in, in the region, are we going to get any more than headlines around
02:07soybeans? In the end, we didn't quite get a deal on more soybeans, did we? What's the agricultural
02:12story here? Yeah, exactly. So soybeans, if you look at the soybean market yesterday, it fell pretty,
02:17pretty sharply. And, you know, I think that was the, was the expectation in the marketplace that
02:23those were going to come up short. The beef export deal came through, but, you know, at the moment,
02:31the U.S. has a severe shortage of beef. And do we really want to be shipping beef to China
02:36when the
02:37cost of ground beef is double what it was during Trump's first term? So, you know, there are some,
02:43you know, there might've been a bit of an own goal there domestically for President Trump
02:47to, to allow that, you know, beef arrangement to, to, to, to, to go forward. But all in all,
02:55the deliverables on the agricultural side weren't surprising. And if anything came in less than
03:00expected. Brendan, did we get anything on, on rare earths versus, versus chips, which seem to be
03:05these kind of equally balanced pressure points from both sides? We haven't heard anything officially
03:10from either side yet that that's not to say, uh, you know, some of those might take longer president,
03:15uh, president Trump, as we all saw, uh, brought a bunch of tech executives and industrialists
03:20along. Uh, so some of those, some of those still could be announced, but we didn't get anything,
03:26uh, immediately that either side could, uh, could announce.
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