President Xi Jinping:
Well, thank you very much; it’s an honor to have President Donald Trump of the United States here in Beijing. We’ve been working very hard, very close. We’ve actually known each other for a long time. We’ve been dealing with each other for a long time and very well.

We had a little negotiation spat, but that worked out great—really great — I think for both countries, maybe for the world, actually, beyond both countries.

We have something that’s a very fair deal, and we look forward to getting in and digging and working and getting some of the rare earth, some of the real value. It means we’re going to be inside, deep inside the arrangement — it’s a big commitment from the United States, and we appreciate working with you very much.

We’ll continue to do that. We’ve had very good discussions — really very good — and we’re going to try and bring this to a close, a beautiful close.

It’s been tough for you — tariffs, supply chains, manufacturing — very tough. But we’ve had a lot of very good conversations, tremendous conversations, and I think something can happen. Something big.

President Trump:
Thank you, President Xi, and thank you for the invitation. I hope this will be the first step to real guarantees — fair trade, fair treatment.

For us, it’s very important to have continuing support and stability. Because today, I understand what others are ready to do, but I want to know what China will be ready to do.

And of course, I count on your strong position, because enough with the tariffs, enough with the trade wars. We want to save our industries, our workers, our freedom to compete — no compromises about that.

First of all, during a trade war, everybody has problems — even you. But you have a nice ocean and you don’t feel it now. You will feel it in the future.

President Xi Jinping:
Don’t tell us what we’re going to feel. We’re trying to solve a problem — don’t tell us what we’re going to feel.

You’re not in a very good position right now. You’ve allowed yourself to be in a very bad position.

You don’t have the cards right now. With us, you start having cards.

President Trump:
I’m not playing cards. I’m talking about business. I’m talking about deals. Real results. Real American results.

President Xi Jinping:
You don’t know how we will feel. You don’t know how we will feel when we respond.

With us, you begin to have cards — but only if you understand who deals them.

Vice President Han Zheng:
Have you said thank you once in this entire meeting? You haven’t. Not once.

We’ve given you the tools, the access, the openings. And you’ve used them — but you haven’t said thank you.

President Xi Jinping:
You don’t have the cards. Without us, you don’t have any cards.

All right — I think we’ve seen enough. This is going to be great television.