US President Joe Biden said on Tuesday that he had a good meeting with Chinese President Xi Jinping, according to Reuters. Biden said that he and Xi have a lot to follow up on and that their aides would be working together on a range of issues. Biden added that he made clear to President Xi that the US supports the Taiwan Act. 

For reference, the US and China conducted talks during Tuesday's Asia Pacific trading hours (the talks started at 0046GMT on Tuesday and lasted about three hours). Analysts at the time said the meeting went well, offered signs of improvements in bilateral relations and even the chance of partial tariff removals.

According to analysts at ANZ, Tuesday's "virtual summit was only meant to ease tension... (and was) not intended to achieve normalisation of the bilateral relationship". "The summit paves the way for subsequent trade negotiations, during which the US may soften its trade measures against China" the bank added. 

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