Geopolitical & Economic Outlook - The meeting is expected to be a "hand-holding" truce, aiming to lower tensions rather than achieve substantial agreements, paving the way for a potential summit later in the year [1] - Key discussion points will likely include soybeans, fentanyl, and tariffs [1] - More challenging topics include Iran's export controls on rare earths and Ukraine, with China potentially seeking a commitment from the US regarding Taiwan's independence [2] - Southeast Asian countries are concerned that a US-China deal might exclude them, reflecting a perceived decline in US global leadership [10][11] US-China Relations - The US President is perceived as transactional and will attempt to charm the Chinese President, who is seen as experienced and difficult to influence [4][5] - China has become more assertive in its relationship with the US, willing to stand up to the US [17][18] - Despite differing political systems, both countries need to find ways to coexist and cooperate [19][20] Trade & Tariffs - Previous trade agreements have not been successful, adding complexity to the current situation [4] - China retaliated to US tariffs with 125% tariffs, demonstrating its resolve [18] Fentanyl Issue - Curbing fentanyl precursors from China is a key issue, but complicated by legitimate pharmaceutical supply chains [1][13][14] - China may want recognition or credit for curbing fentanyl exports [13]