The Beijing summit between Donald Trump and Xi Jinping should not be read as the birth of a functional G2, but as a selective co-management of U.S.–China rivalry. Washington pursued visible transactional results in aviation, agriculture and investment, while Beijing sought strategic recognition, parity language and the placement of Taiwan at the centre of the bilateral agenda. The summit points to tactical stabilisation, not a new global order: trade tensions may ease, but risks are redistributed to Europe, Taiwan, Indo-Pacific states and middle powers. Critical minerals, rare earths, supply chains and diplomatic omissions remain central to understanding the real consequences of the meeting.