Trump-Xi Meeting: When US President Donald Trump walked into the Great Hall of the People on Thursday morning, he did not walk in alone. He walked in with the CEOs of some of America’s biggest companies.
From Elon Musk and Tim Cook to Jensen Huang, Larry Fink, Jane Fraser, and David Solomon — this was less a diplomatic visit and more a high-stakes corporate mission. Across the table sat China’s President Xi Jinping.
What’s on the agenda? Iran. Taiwan. Rare earths. AI. Tariffs. Market access. Practically everything. But the real conversation is about trade (and market access).
Trump-Xi Summit: An Attempt To De-Escalate Trade War
Both economies (the US and China) are feeling the aftershocks of last year’s tariff war. Tariffs crossed 100 per cent. Supply chains were hit. Inflation rose in the US. Exports slowed in China. A temporary truce was agreed in October when the two leaders met in South Korea. That truce is now up for extension. Trump needs a deal that markets can cheer. Follow Live Updates
Xi needs stability at a time when China’s economy is under stress from weak demand, property troubles and slowing exports. This 36-hour US-China summit is an attempt to prevent the trade war from restarting.
During a meeting with US business leaders, Xi said China’s door will only open wider to US businesses. He added that American firms will have broader prospects in the country.
Further, Xi acknowledged that American companies have been deeply involved in China’s growth, which has benefited both sides. “Beijing welcomes the US to strengthen reciprocal cooperation,” said the Chinese President, according to Chinese state media Xinhua.
Team Trump: America’s Biggest CEOs Land In China
The full list of the executives joining Trump as part of the official US delegation to China is as follows:
- Elon Musk, Tesla, SpaceX
- Jensen Huang, Nvidia
- Tim Cook, Apple
- Larry Fink, BlackRock
- Dina Powell McCormick, president and vice chair of Meta
- Kelly Ortberg, president and chief executive of Boeing
- Ryan McInerney, chief executive of Visa
- Stephen Schwarzman, chief executive of Blackstone
- Brian Sikes, chief executive and chairman of Cargill
- Jane Fraser, chief executive of Citi
- Jim Anderson, chief executive of Coherent
- Henry Lawrence Culp, chief executive of GE Aerospace
- David Solomon, chief executive of Goldman Sachs
- Jacob Thaysen, chief executive of Illumina
- Michael Miebach, president of Mastercard
This delegation is not symbolic. Every CEO on the plane has a specific ask from Beijing.
- Tesla wants approval for its Full Self-Driving system and clearance to import $2.9 billion worth of Chinese solar equipment.
- Nvidia wants China to approve purchases of its AI chips.
- Apple wants regulatory stability in its biggest manufacturing base.
- BlackRock faces Chinese scrutiny over its $23-billion ports deal linked to Panama.
- Illumina is still on China’s “unreliable entity” list.
- Mastercard and Visa want deeper access to China’s payments market.
- Boeing wants aircraft orders.
- Cargill wants bigger grain and meat purchases.
According to a Reuters report, the US and China are weighing a potential framework whereby each country identifies some $30 billion in goods on which tariffs could be eased without threatening national security interests.
What Trump Wants From Xi
Trump’s public line is simple: “Open up China.” Behind that slogan are three concrete demands:
- Easier market access for US firms
- Larger Chinese purchases of US goods – soybeans, LNG, aircraft
- A framework to ease tariffs on roughly $30 billion worth of goods without hurting national security
The US President also wants China to stop weaponising supply chains — especially rare earths and critical minerals that power US tech and defence industries.
However, since their last meeting, China has shown it can hurt vulnerable US sectors by tightening rare-earth exports.
The Iran war has also distracted Washington. China, as the largest buyer of Iranian oil, now holds geopolitical leverage that Trump cannot ignore. Trump has shifted tone. From tariff threats to calling Xi a “great friend”. From the looks of it, China may have an upper hand in the negotiations.
Tehran & Taiwan: Elephants In The Room
It cannot be ignored that the Strait of Hormuz crisis hangs over the talks. China depends heavily on Gulf oil shipped through Hormuz. The US wants to prevent an energy shock.
Trump is likely to ask Xi to use Beijing’s influence over Tehran to de-escalate and reopen shipping lanes. Even if Iran is not the headline, it is a silent driver of urgency.
Trump vowed on social media to push Xi to “open up” China to US firms.
Meanwhile, Trump has said he will discuss US arms sales to Taiwan — a sensitive shift, because Washington traditionally avoids consulting Beijing on this.
The two sides are also considering launching their first formal dialogue on AI risks. Rare earth export controls, semiconductor rivalry and biotech restrictions are all part of the conversation because they directly affect the CEOs sitting behind Trump.
Trump-Xi Summit: Tariff Truce On The Table
The key outcome markets are watching: extension of the one-year tariff truce. Both sides are exploring a structure where select tariffs are eased on about $30 billion of goods.
Not a grand trade deal. A managed trade framework. Stability, if not friendship. For Trump, a tariff truce extension, farm purchases, and headlines about China opening markets will count as wins. For Xi, no new tariffs, controlled concessions, and maintaining a stabilised relationship without yielding strategic ground will be headline point.
Besides, the United States remains China’s largest single country trading partner, accounting for roughly over 10 per cent of China’s total exports. US-China goods trade in 2025 totaled approximately $414.7 billion. So, neither side is looking for a breakthrough. They are looking to avoid another breakdown.
Trump-Xi Summit: What This Means For India
This meeting matters to India more than it appears. If US-China trade improves, some “China Plus One” manufacturing momentum may slow for India. If Hormuz reopens and oil cools, India benefits immediately. If Trump softens stance on Taiwan, US strategic pressure on China reduces — not ideal for New Delhi. And if Chinese exports regain tariff relief, Indian sectors like steel, solar, chemicals and electronics face tougher competition. Thus, despite the ongoing BRICS summit in New Delhi, India is closely watching the developments in Beijing.
