Chinese investment in the US is unlikely to recover meaningfully from its mid-2010s collapse even if President Xi Jinping and US President Donald Trump reach a bilateral deal when they meet in Beijing next month, according to a report released on Thursday.

Rhodium Group, an American research firm that tracks China’s cross-border investment, said Chinese foreign direct investment (FDI) in the United States had “fallen significantly from its 2016 peak, and remained at low levels for the past five...