Trump got a cold shoulder from China; financial markets in dire straits

FINANCIAL markets across the globe got some bloody noses after a ‘cold’ meeting between the United States (US) President Donald Trump and the Chinese leader President Xi Jinping.

- CHRIS HARMSE

CHINA'S President Xi Jinping looks at US President Donald Trump during a welcome ceremony at the Great Hall of the People in Beijing on May 14.

(BRENDAN SMIALOWSKI AFP)

Trump went to China with big expectations, mostly that he himself created, from which a lot did not materialise.

Trump claimed he struck ‘fantastic trade deals' - asserting that China agreed to buy 200 Boeing jets (not 500 as Trump had claimed), US oil, and agricultural products, but Chinese ministries side-stepped confirming specific contracts.

Boeing’s share price dropped by more than 4% on Friday.

After the public flattery between the two subsided, official White House and Beijing readouts revealed deep divides on critical global security items.

Top of the agenda was the Taiwan Warning. Xi drew the ‘land in the sand’ regarding claims over Taiwan, warning Trump that mishandling China's claims could trigger dangerous clashes and direct conflict.

From his side again Trump stated he has made no immediate commitment regarding a pending $14 billion US arms sale package to the island.

The ongoing war involving Iran heavily shadowed the summit.

The US claimed Xi expressed opposition to the militarisation or tolling of the Strait of Hormuz and pledged to withhold military equipment from Tehran.