Trump-Xi summit: What wasn't said might matter the most

Chinese state media confirmed for the first time on Monday that the trade truce has been extended until 10 January.

The short extension ensures both leaders will meet again at major international gatherings later this year.

Trump will attend the Asia Pacific Economic Cooperation summit in Shenzhen in November while Xi is due to travel to Miami for the G20 summit in December.

It is rare for the leaders of the world's two largest economies to meet so frequently.

But Beijing had hoped for a much longer extension to the truce, making the two month reprieve a modest gain rather than a major breakthrough.

China did secure lower tariffs on $30bn (£23bn) of goods entering the US with reciprocal reductions expected from Beijing.

Chinese products heading to American stores ranging from toys to small household appliances to Christmas decorations will benefit from the lower tariffs.

The Trump administration also said Beijing would buy at least 10 million metric tons of coal annually in 2027 and 2028.

What is striking is what was left out.

There was no mention of increasing exports of China's rare earth minerals to the US nor was there any indication that restrictions on advanced US semiconductors would be eased.

The White House factsheet made no mention of Taiwan, but the issue was clearly a priority for Xi Jinping.

According to Beijing's accounts of the talks, Xi urged Donald Trump to formally oppose Taiwan independence and handle the issue with caution.

After their previous meeting in May, Trump revealed that Xi directly asked him if the US would defend Taiwan in the event of a Chinese attack.

He told reporters, "There's only one person that knows that, and it is me," and he raised the question whether it made sense for US forces to "travel 9,500 miles to fight a war" over the issue.

This time, Trump disclosed far less.

"We didn't talk about it too much," he told reporters over the weekend.

"Right now, it's fine. It's just moving along," Trump said. "He understands very much how I feel."

That silence may be significant.

Trump has previously described a proposed $14bn US arms package for Taiwan as "a very good negotiating chip" in his dealings with Beijing. The arms package has been on hold for months.

Adding to the confusion, US Ambassador to China David Perdue told Fox News that Trump had offered to sell weapons to Xi during the summit.

The State Department later clarified that US law prohibits arms sales to China and there are no plans to do so.

Beijing sees the self-governing island as part of China. Most countries, including the United States, do not recognise Taiwan as an independent state, but Washington is opposed to any attempt to take the island by force and is committed to supplying it with weapons.

China says it will allow more foreign financial firms, including American-backed banks, investment companies and insurers, to apply to do business and open offices in China. But any approvals will still be subject to Chinese laws and regulations.

The last line is key. China is opening the door, but still controls who gets through it.

Foreign financial firms have long complained that regulatory barriers, licensing requirements and concerns over exit bans make it difficult to expand in China, even when market access is technically allowed.

Beijing also said it was discussing ways to increase the number of flights between both countries, but neither side has explained how this would happen.

And despite giving visa free entry to visitors from more than 75 countries across the world, China has not extended that offer to Americans.

Meanwhile the US State Department continues to classify travel to China as a Level 2 advisory urging travellers to "exercise increased caution" because of the risk of arbitrary law enforcement, exit bans and detention.

So even though both sides are talking about encouraging business and travel some of the biggest obstacles remain firmly in place.