US President Donald Trump, Chinese counterpart Xi Jinping hold talks in the ‘biggest summit ever’

Beijing: US President Donald Trump and his Chinese counterpart Xi Jinping began on Thursday what Trump termed as the “biggest summit ever” to discuss a wide range of issues, including the war in Iran and bilateral trade frictions.

Trump, who arrived in Beijing last night to a rousing reception, told Xi in their first meeting on Thursday that he looks forward to a "big discussion" with him.

"There are those who say this is maybe the biggest summit ever," Trump said in his opening remarks while having talks with Xi at the Great Hall of the People in Beijing.

"When there were difficulties, we worked it out," Trump said.

"We're going to have a fantastic future together," said the US president, who is on a three-day state visit to China.

Trump repeatedly called Xi a great leader, state-run Xinhua news agency reported.

The first meeting between the two leaders lasted for more than two hours.

Accompanying Trump on his trip to China are some of the US's top business leaders such as Nvidia's Jensen Huang, Tim Cook of Apple, Elon Musk of Tesla and SpaceX, and Larry Fink of BlackRock.

"I will be asking President Xi, a Leader of extraordinary distinction, to 'open up' China so that these brilliant people can work their magic, and help bring the People's Republic to an even higher level," Trump said in a post on social media.

Trump said that it will be his "very first request" when he meets the Chinese leader, BBC reported.

"It's an honour to be your friend and the relationship between China and the USA is going to be better than ever before," he said.

Xi, who earlier welcomed Trump with a ceremonial guard of honour, said that he expects 2026 to be a "historic, landmark year" that opens up a new chapter in China-US relations.

China and the US have more common interests than differences, Xi said in his opening remarks.

Noting that China and the US should be partners instead of rivals, Xi said the two countries should help each other succeed and prosper together, and find the right way for major countries to get along well with each other.

About China-US trade frictions, he said, "There is no winner in a trade war." The visit by President Trump comes amid growing economic and geopolitical uncertainties arising from conflicts in West Asia and the subsequent global energy shock that has taken a toll, particularly in Asia.

Other than West Asia, the leaders of the two largest economies of the world are expected to focus on trade and tariffs, Artificial Intelligence and technology, Taiwan and US' arms sales to Taipei, and rare earths supply chains, among other things.

Trump’s visit to Beijing also follows months of renewed trade friction after the Trump administration imposed high tariffs on several Chinese goods, white tensions between the two have also deepened over export control, advanced technology and China’s dominance in the rare earth supply chain.

Ahead of Trump's arrival, Chinese Vice Premier He Lifeng and Scott Bessent completed the final round of trade negotiations in South Korea, details of which are not known.

Trump was welcomed by Chinese Vice President Han Zheng at the airport, a rare honour that departed from usual diplomatic protocol.

Trump's son Eric and his daughter-in-law Lara, as well as Musk, disembarked from Air Force One along with Trump.

The two countries also plan to set up a Board of Trade with China to address differences between the countries.

The global focus on the summit, however, would be on any possible outcome that could end the US-Israeli war against Iran and end the blockade of the Strait of Hormuz. Roughly one-fifth of the the world's total energy supplies pass through this narrow Gulf waterway.

Ahead of Trump's visit, Iranian Foreign Minister Abbas Araghchi made his first visit to Beijing after the war and held talks with his Chinese counterpart Wang Yi.

After talks with Araghchi, Wang called on Iran to reopen the Strait of Hormuz as soon as possible, even as it appreciated Tehran's commitment not to develop nuclear weapons, a prime demand of Trump to end the war.

Commenting on Wang-Araghchi talks, US Secretary of State Marco Rubio said, "I hope the Chinese tell him what he needs to be told. And that is what you are doing in the Strait, which is causing you to be globally isolated. You're the bad guy in this." China's anxieties over the Iran war increased, especially after Trump imposed a blockade of Iranian ports, restricting Iran's oil exports to China.

China imports 10-15% of its crude oil from Iran.

In its editorial on Trump's visit, state-run Global Times said Xi has held multiple telephone conversations and meetings with him, which have helped correct the course of the bilateral relationship and steer it clear of hidden dangers at critical moments.

For China-US relations to truly stabilise and improve in the future, the most fundamental step is to fully and faithfully implement the important consensus reached by both leaders, it said.