In what is set to be one of the most consequential encounters in years, US President Donald Trump arrives today in Beijing, where he will meet with his Chinese counterpart, Xi Jinping. The Trump-Xi summit is less about reconciliation than it is about managing an increasingly adversarial relationship in which economic interdependence survives despite collapsing strategic trust. Washington and Beijing are no longer negotiating the terms of partnership, but the boundaries of coexistence within an increasingly fragmented international order. The summit takes place amid a widening technological divide, continuing trade tensions, and the destabilising effects of the conflict in West Asia. The prolonged disruption around the Strait of Hormuz has intensified inflationary pressures globally while creating fresh political pressures for President Trump ahead of the November midterm elections.…