Beijing’s tale of two readouts – POLITICO

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By RIYA MISRA

The pageantry of the grand welcome ceremony is over. The state banquet at the Great Hall of the People in Beijing has taken place.

The first day of President Donald Trump’s high-stakes summit with Chinese leader Xi Jinping — the first U.S. presidential visit to China in nearly a decade — has concluded, with the two sides offering varying — and somewhat divergent — initial accounts of what’s been discussed.

The White House readout of the bilateral meeting focused on the trade and economic cooperation components — expanding market access for American businesses in China, increasing Chinese investment in U.S. industries, scaling up China’s purchase of American agriculture and buying more American oil. It also mentioned that the president highlighted the need to end the flow of fentanyl precursors into the U.S., the chemical substances used in the manufacturing of the powerful synthetic opioid.

Missing from the account was any mention of the sensitive issue of Taiwan — which was central to the Chinese summary of the meeting between Trump and Xi. The Chinese statement said that Xi “stressed to President Trump that the Taiwan question is the most important issue in China-U.S. relations.”

“If it is handled properly, the bilateral relationship will enjoy overall stability,” the Chinese account warned. “Otherwise, the two countries will have clashes and even conflicts, putting the entire relationship in great jeopardy.”

China’s balancing act surrounding Iran was apparent from the government statement, which merely noted that the two heads of state exchanged views on major international and regional issues “such as the situation in the Middle East, the Ukraine crisis, and the Korean Peninsula.”

The White House account took a different tack, asserting that Xi made clear China’s opposition to the militarization of the Strait and that both countries agreed that Iran can never have a nuclear weapon.

Trump later offered an even more detailed retelling of the talks, telling Fox News’ Sean Hannity that Xi would “love” to help the U.S. secure a peace deal, and has vowed not to send military equipment to Iran.

China isn’t “fighting a war with us or anything,” Trump told Hannity. “[Xi] said he’s not going to give them military equipment. That’s a big statement. He said that today.”

Beyond Iran, Xi also agreed to purchase 200 Boeing jets from the U.S., Trump said.

During the summit, Xi stressed the need for strategic stability between the two nations, invoking the “Thucydides Trap” — a political theory rooted in the ancient Greek city-states of Athens and Sparta, cautioning against the inevitable clash between established and rising global powers.

“The great rejuvenation of the Chinese nation and making America great again can go hand in hand,” he said at the state banquet.

Indeed, the two leaders struck a friendly tone throughout the day — Trump invited Xi to visit the White House in September, telling the Chinese leader that “it’s an honor to be your friend.”

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Bessent discusses investment board, expanding US-China trade with Trump in Beijing: Treasury Secretary Scott Bessent said he is discussing a board of investment with China on Thursday to deepen its economic relationship with the U.S., as President Donald Trump tackles trade goals with Chinese leader Xi Jinping in Beijing this week. A board of investment, Bessent told CNBC in an interview that aired Thursday, will help “decide upfront what are the nonstrategic, nonsensitive areas where it would be possible for the Chinese to invest,” while addressing the security concerns inherent in buddying up with a major geopolitical rival. Administration officials are also discussing a board of trade with Beijing.

UK must drop ‘red lines’ for real EU reset, Brussels warns: British Prime Minister Keir Starmer’s plans for a major reset with the EU risk falling flat if he doesn’t relax his negotiating “red lines.” The embattled U.K. Labour leader vowed to put his country “at the heart of Europe,” as part of efforts to shore up support and shrug off calls for his resignation, following dismal local election results. But London’s refusal to negotiate a broader reopening on trade and economic integration will jeopardize those efforts, EU politicians and officials told POLITICO.

Europe is ‘truly alone together’ in the age of Trump: Former European Central Bank President Mario Draghi delivered a stark warning to Europe in Aachen, Germany, on Thursday. “For the first time in living memory, we are truly alone together,” Draghi said as he accepted the International Charlemagne Prize, which rewards people for their contribution to European unity. Draghi doubled down on his message that Europe needs to get its act together to meet a new geopolitical reality — one where the U.S. has become “more adversarial and unpredictable” and “may no longer guarantee our security.”

India’s wholesale inflation surged to its fastest pace in three and a half years in April, driven by a spike in fuel and power costs. Energy inflation skyrocketed from just 1.05 percent the previous month to 24.71 percent, largely due to supply disruptions from the U.S.-Israel war with Iran.

A deepening corruption scandal in Kyiv is undermining Ukraine President Volodymyr Zelenskyy’s case that his nation is ready to join the EU.

Earlier this week, prosecutors charged Andriy Yermak — once one of Zelenskyy’s closest confidantes — with corruption and money laundering.

The move follows the leak of a batch of transcripts of phone conversations that allegedly further implicate national-security aides and close associates of Zelenskyy in kickback schemes and influence-peddling scams, tied mostly to the energy and defense sectors but also to a recently nationalized bank.

In an interview with POLITICO’s Jamie Dettmer, Petro Poroshenko, Ukraine’s first elected president after the 2013-14 Euromaidan uprising that toppled Moscow-backed Viktor Yanukovych, said wartime corruption scandals like this one undermine defense capabilities, stain the country’s international reputation, and damage the cause of European integration.

The following interview has been edited for length and clarity.

Does the scandal risk undermining Zelenskyy’s EU membership bid?

Let me clarify one thing: this is not Zelenskyy’s membership bid; it is Ukraine’s membership bid. Ukraine’s path toward the European Union and NATO is much bigger than any individual politician, whether Zelenskyy, Poroshenko, or anyone else. The responsibility of any Ukrainian leader is to implement the strategic course supported by the overwhelming majority of Ukrainians. Those who try to block, divert, or replace this course are acting against the direction modern Ukraine has chosen.

As for the tapes and recent corruption revelations, I would say there is both bad news and good news in them. The bad news is obvious: such scandals damage trust and make it harder to build support among allies.

What’s the good news?

Today, anti-corruption institutions in Ukraine are functioning effectively. The foundations for these institutions were laid by our team together with our European and American partners. And these institutions continue doing their job despite the obstacles created by the current authorities.

The main message to the world is that Ukraine is capable of cleaning up the system and stopping corrupt officials regardless of how high their positions may be. This demonstrates not the weakness of the state, but that Ukraine’s democratic system has a healthy immune system capable of identifying and eliminating diseased cells.

These revelations show that Ukraine is becoming the kind of country we are fighting for. A country that does not tolerate corruption, especially during wartime. A country where anti-corruption bodies can work independently and effectively. A country that is becoming more European in its practices and institutions.

What else would you like to see happen as a result of the corruption investigations and the recent disclosures?

A full reboot of the government, meaning the immediate formation of a new government of national unity. In other European countries, the way out of such a crisis would normally be early elections. But during the war, this is impossible in Ukraine. Therefore a coalition government should be formed with the participation of the opposition.

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