U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet in Beijing next week for a two-day high-level summit starting Thursday. The meeting is viewed as crucial in shaping the next phase of rivalry between the two global powers. Discussions are expected to cover unresolved issues including the Iran war, trade, and Taiwan. The two leaders last met in South Korea in October, where they agreed to a trade truce.

The Trump administration is currently preoccupied with the Iran war, while Xi faces challenges from slowing economic growth and high energy prices. The U.S. side plans to emphasize the ‘Five Bs’—Boeing aircraft, beef, soybeans, and the establishment of an investment and trade board—while China will focus on the ‘Three Ts’—tariffs, technology, and Taiwan. Beijing may seek an extension of last year’s trade truce and easing of semiconductor export controls. Trump is also expected to raise the imprisonment of Hong Kong activist Jimmy Lai.

Experts predict limited breakthroughs, with possible small investment deals and an extension of the trade truce. Analysts suggest the summit may serve more as a starting point for future engagement than a venue for major agreements.