The recent summit between US President Donald Trump and Chinese President Xi Jinping marks a new phase in the relationship between the world's two largest economies.

While the term 'G2' once symbolised a cooperative effort with positive spillovers for the global economy, the current agenda appears more self-interested and opaque.

Unlike previous economic collaborations, the deals discussed—ranging from tariffs to rare earth minerals, semiconductors, and aircraft orders—seem aimed at serving bilateral strategic interests rather than advancing multilateral economic liberalisation.

Business executives accompanying the leaders underline the commercial focus, though the broader implications could be geopolitical, with countries like Taiwan and Iran potentially bearing the costs of decisions made behind closed doors.

Analysts warn that this private G2 dynamic risks sidelining middle powers and weakening the rules-based global order, suggesting that the US-China partnership may increasingly prioritise a great-power bargain over shared global benefits.

Ultimately, while markets may react positively to immediate trade announcements, the summit highlights a shift away from transparent multilateral cooperation toward a system where strategic technologies and regional influence become bargaining chips.