US President Donald Trump and Chinese leader Xi Jinping concluded a two-day bilateral summit in Beijing with flatly contradictory accounts of what was actually promised, according to CNBC. While Washington claimed major purchasing commitments, Beijing directed its narrative toward mutual tax relief and completely omitted specific commercial figures.

These conflicting accounts prove that beneath the diplomatic handshakes, the world’s two largest economies remain fundamentally misaligned on the rules of engagement, which threatens the long-term stability of global supply chains.

The main points of contention following the readouts include:

• Agricultural purchases: The White House announced that Beijing committed to purchasing at least $17bn of US agricultural goods annually through 2028, according to CNBC. CNN calculated that combined with previous soybean agreements, annual sales would total $27bn, recovering from last year's low of $8.4bn. However, the Chinese Commerce Ministry refused to name any specific dollar amount or mention soybeans, stating only that both countries agreed to promote expanded two-way trade in farm goods.

• Boeing aircraft orders: Washington specified that China agreed to an initial purchase of 200 American-made Boeing aircraft, CNN reports. Beijing's readout completely omitted the 200-plane figure, stating only that general procurement arrangements were made while emphasizing that the US must ensure the supply of critical engines and components.

• Rare earth supply chains: The White House claimed China would address American shortages of critical rare earths, specifically naming yttrium, scandium, neodymium and indium. CNBC reports that Chinese state communications entirely ignored the topic of rare earths, despite having previously postponed some export limits on October 25.

• Tariff reductions: The Chinese Commerce Ministry highlighted that mutual tariff rollbacks were part of the upcoming agenda, claiming both nations agreed in principle to lower duties on certain products. Conversely, the White House completely omitted tariffs from its summary, and Trump told reporters that he and Xi did not discuss the issue at all.

To manage these economic relations, both governments confirmed on May 17 that they will establish a board of trade and a board of investment. US Trade Representative Jamieson Greer told CBS that the board of trade is a formalized mechanism to manage import and export restrictions on non-sensitive goods like medical devices, energy and farming products.

Ultimately, the deep narrative divisions suggest long-term volatility. The summit was underwhelming and bilateral relations will likely only improve incrementally while Trump remains president, Jacob Shapiro, strategic partner at The Bespoke Group, told CNBC on May 18. Shapiro noted that Beijing will say what it needs to say to make things nice for the next couple of years while preparing for a harsher stance from the next US administration.