U.S. President Donald Trump is heading to China for the first time in nine years, naming the opening of China's market as the top agenda item for the U.S.-China summit. As top executives of major U.S. corporations are boarding the Air Force One charter in force, Nvidia CEO Jensen Huang also joined at the last minute, fueling expectations that trade barriers could come down.
On the 13th, Trump is scheduled to arrive in Beijing with a large economic delegation that includes Jensen Huang, Tesla CEO Elon Musk, and Apple CEO Tim Cook. En route to China, Trump made clear on Truth Social that he plans to ask Chinese President Xi Jinping to open the market, saying, "We will be meeting in a few hours, and this is the very first thing I will ask."
In a post he wrote himself, Trump emphasized, "I will ask President Xi to open up China," adding, "That way these outstanding people can work their magic and lift China to a much higher level." He then rebutted some media reports noting that Jensen Huang was absent from the China trip roster, saying, "Jensen Huang is aboard Air Force One." Joining this trip to China are key industry heavyweights including Jensen Huang, Kelly Ortberg, Boeing CEO, and Larry Fink, BlackRock CEO.
U.S. media reported that the delegation is largely composed of businesspeople whose corporations are facing regulatory or expansion hurdles in China. For example, the U.S. government has said Nvidia has struggled to secure approval to sell advanced AI chips in the vast Chinese market. The prevailing view is that both the United States and China want to maintain the existing trade truce because of the political and economic burdens each faces at home. Ahead of the talks, Treasury Secretary Scott Bessent began preliminary working-level negotiations at Incheon Airport in Korea with China State Council Vice Premier He Lifeng to coordinate economic and trade issues. The United States strongly hopes to expand exports of Boeing aircraft and agricultural products to reduce its massive trade deficit.
The political pressure Trump faces is also expected to influence the outcome of the talks. The Republican Party must face the midterm elections in Nov. as inflationary pressures mount amid the prolonged Iran war. Liu Qian, CEO of the geopolitical advisory firm Wusawa Advisory, told Reuters, "Given last year's trade war, simply maintaining the status quo rather than escalating tensions would be good news," adding, "With the midterms ahead, the Trump administration needs to show voters that results are coming and real money has been made, so this meeting is more urgent for them than for the Chinese side." After arriving in Beijing, Trump plans to narrow bilateral issues with Xi in at least six face-to-face meetings over two nights and three days, including a summit and a state dinner.