The US-China Steak Pact: Not as Meaty as it Looks

Over the weekend, US President Donald Trump and his Chinese counterpart Xi Jinping ate steaks and agreed to put the "trade war" on hold: Trump will postpone his plan to increase tariffs on about $200 billion of Chinese goods, and Beijing will push its companies to buy more American products.

Any easing of tensions between the world's two largest economies is good news, but it's tough to see this truce lasting for long. The Trump administration has left a window of just 90 days for the two sides to reach a comprehensive deal addressing Washington's deeper grievances: Beijing's policy of heavily supporting its own firms while forcing foreign ones to surrender advanced technology in order to gain access to the Chinese market. Without a deal like that, Trump will be back to raising tariffs, and we'll be back on a (trade) war footing.

Here's the problem: From Beijing's perspective, changing that policy is a non-starter. China sees technological dominance as the key to 21st century superpower status, and it views external attempts to modify its state-centric economic approach as a neo-imperialist bid to undercut China's rightful destiny as a global power. This is not something that will be resolved in three months' time. Chill out for now, but buckle up for later.

More from GZERO Media

A miniature statue of US President Donald Trump stands next to a model bunker-buster bomb, with the Iranian national flag in the background, in Kananaskis, Alberta, Canada, on June 19, 2025.
STR/NurPhoto

US President Donald Trump said Thursday that he will decide whether to bomb Iran’s nuclear facilities “in the next two weeks,” a move that re-opens the door to negotiations, but also gives the US more time to position military forces for an operation.

People ride motorcycles as South Korea's LGBTQ community and supporters attend a Pride parade, during the Seoul Queer Culture Festival, in Seoul, South Korea, June 14, 2025.
REUTERS/Kim Soo-hyeon

June is recognized in more than 100 countries in the world as “Pride Month,” marking 55 years since gay liberation marches began commemorating the Stonewall riots – a pivotal uprising against the police’s targeting of LGBTQ+ communities in New York.

Port of Nice, France, during the United Nations Oceans Conference in June 2025.
María José Valverde

Eurasia Group’s biodiversity and sustainability analyst María José Valverde sat down with Rebecca Hubbard, the director of the High Seas Alliance, to discuss the High Seas Treaty.

Housing shortages in the US and Canada have become a significant problem – and a contentious political issue – in recent years. New data on housing construction this week suggest neither country is making enough progress to solve the shortfalls. Here’s a snapshot of the situation on both sides of the border.

Ontario Premier Doug Ford speaks during a meeting of northeastern U.S. Governors and Canadian Premiers, in Boston, Massachusetts, U.S., June 16, 2025.
REUTERS/Sophie Park

While the national level drama played out between Donald Trump and Mark Carney at the G7 in Kananaskis, a lot of important US-Canada work was going on with far less fanfare in Boston, where five Canadian premiers met with governors and delegations from seven US states.

- YouTube

What’s next for Iran’s regime? Ian Bremmer says, “It’s much more likely that the supreme leader ends up out, but the military… continues to run the country.”