In Beijing, there’s growing curiosity about what Trump is aiming for.

In Beijing, there’s growing curiosity about what Trump is aiming for.

Laura Bicker
China Correspondent, Reporting from Beijing

China has been given some breathing room from Donald Trump’s tariffs, leading some analysts to question if the US president is softening his stance on Beijing.

However, this strategy also keeps China guessing. Many in Beijing are asking: What does the US want in return?

Trump has described tariffs as Washington’s “one very big power” over China, signaling that he views them as a crucial bargaining tool.

In response, the Chinese foreign ministry reiterated during its daily briefing that there are no winners in a trade war and emphasized Beijing’s willingness to engage in dialogue to “properly handle differences.” Their tone remains neutral, signaling openness to negotiations.

So, what might these talks entail? And what kind of deal could emerge?

During Trump’s first term, often referred to as a "honeymoon period" with China, he visited Beijing seeking President Xi Jinping’s assistance with North Korea and Kim Jong Un.

This time, there is speculation that Trump might ask Xi for help with Vladimir Putin to bring an end to the war in Ukraine. Trump hinted at this possibility during a video speech to business leaders in Davos, stating that China holds “a great deal of power over that situation.”

Other potential demands could include stronger efforts by China to curb the flow of fentanyl into the United States or a long-discussed deal involving TikTok.

Whatever the terms, any agreement holds both opportunities and risks for Beijing. A deal could pave the way for resetting US-China relations. On the other hand, failure to reach an agreement could abruptly end this second “honeymoon” phase and lead to a more confrontational dynamic between the two leaders.