SummaryHere, we investigated the effect of different heat-wave intensities applied at two atmospheric CO 2 concentrations ([CO 2 ]) on seedlings of two tree species, loblolly pine (Pinus taeda) and northern red oak (Quercus rubra).Seedlings were assigned to treatment combinations of two levels of [CO 2 ] (380 or 700 lmol mol À1 ) and four levels of air temperature (ambient, ambient +3°C, or 7-d heat waves consisting of a biweekly +6°C heat wave, or a monthly +12°C heat wave). Treatments were maintained throughout the growing season, thus receiving equal heat sums. We measured gas exchange and fluorescence parameters before, during and after a mid-summer heat wave. The +12°C heat wave, significantly reduced net photosynthesis (A net ) in both species and [CO 2 ] treatments but this effect was diminished in elevated [CO 2 ]. The decrease in A net was accompanied by a decrease in F v ′/F m ′ in P. taeda and Φ PSII in Q. rubra.Our findings suggest that, if soil moisture is adequate, trees will experience negative effects in photosynthetic performance only with the occurrence of extreme heat waves. As elevated [CO 2 ] diminished these negative effects, the future climate may not be as detrimental to plant communities as previously assumed.