President Trump and Chinese President Xi Jinping wrap up their summit in Beijing on Friday as both countries look to claim the visit as a win. 

The leaders of the two superpowers are holding a bilateral tea and taking a friendship photo on Friday before Mr. Trump leaves China and heads back to Washington. The two presidents met in a closed-door session on Thursday that lasted roughly two hours and 15 minutes. Mr. Trump characterized that meeting as "great."

Mr. Trump told Fox News after Thursday's formal meeting that Xi said he's not going to give any military equipment to Iran, which the U.S. president called a "big statement." It remains to be seen if Xi follows through. Mr. Trump also told Fox News that Xi wants to help reopen the Strait of Hormuz, which has been effectively closed. China is Iran's biggest oil customer. 

According to Chinese state media, Xi warned Mr. Trump of possible "clashes and even conflicts" if the Taiwan issue isn't "handled properly." It was a stern warning, but the U.S. didn't mention Taiwan in its readout of the meeting. Mr. Trump and Xi ignored questions about Taiwan. 

Taiwan is central to China's interests, as it vows to retake control of the island and refuses to rule out using military force to accomplish that goal. The U.S. has opposed any unilateral change to Taiwan's status, and has provided billions in military support to the island, but has a policy of not stating outright whether it would come to Taiwan's defense if it is invaded by China.

A regional source confirmed to CBS News' Margaret Brennan that China brought up Taiwan in Thursday's talks. The U.S. then acknowledged Beijing's position and repeated Washington's view, and the conversation moved on to the next topic. A senior administration official told CBS News' Sara Cook that both sides reiterated their long-stated stance on the issue and everyone understands each other's position.

Both countries are also looking to stabilize their economic relationship after last year's trade war, which briefly saw the two countries impose tariffs of over 100%. It's not clear whether the two sides are close to a comprehensive trade deal, but the Trump administration has pushed for Chinese commitments to buy U.S. goods, and the U.S. is looking to preserve American access to Chinese rare earth minerals. Mr. Trump told Fox News that China had agreed to buy Boeing jets and American soybeans.

A number of top business executives joined the president's visit. Asked how the meetings had gone, Elon Musk said the talks were "wonderful" and they achieved "many good things." Apple's Tim Cook, gave the press a thumbs up sign.

Xi greeted Mr. Trump with an elaborate state visit, including a state dinner featuring an instrumental version of "YMCA," one of the president's favorite songs. At the banquet, Mr. Trump said he was inviting Xi and his wife for a reciprocal visit at the White House on Sept. 24. 

Mr. Trump is not expected to hold a press conference with reporters before leaving Beijing, although it's always possible he takes questions on the plane. 

The U.S. president had planned to visit China earlier this spring, but cited the war with Iran for postponing.