Pictured is the last time a sitting US president makes a state visit to China. President Donald Trump visited Beijing in November 2017 during his first term to meet with Chinese President Xi Jinping.
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BEIJING — The war in Iran is expected to take center stage at the president’s summit Donald Trump and China Xi Jinpingleaving less room to resolve issues such as pricing and rare earth supply.
Treasury Secretary Scott Bessent has already said Iran will be a topic at meetings scheduled for May 14-15. And earlier this week, China welcomed Iranian Foreign Minister for the first time since the start of the war at the end of February — raising hopes of a a peace agreementsending oil prices fall and fuel stock market gains.
The U.S. government declined China’s invitation to hold sectoral meetings between senior Chinese leaders and U.S. CEOs, saying it could give the impression that U.S. companies are too close to Beijing, according to a U.S. executive with direct knowledge of the arrangements. From Tuesday, the White House had not yet formally invited leaders to join Trump on the trip, and a proposed list of two dozen leaders could be cut in halfthe person added.
Boeing CEO Kelly Ortberg is ready to accompany Trumpa source told CNBC on Thursday, as the American aerospace giant hopes to close its first big order from China in almost a decade.
Citi Group CEO Jane Fraser confirmed Friday CNBC reporting that she also plans to attend the trip.
“I think it’s very important to see engagement” between the two economic superpowers, she told CNBC’s Leslie Picker. “We all need this commitment to happen.”
Fraser also stressed the importance of China to his business.
“From Citi’s perspective, we’ve been in China for 124 years. It’s a very important market,” she said. We have many multinational clients operating in China. We are also seeing the growth and expansion of many Chinese companies globally, for the benefit of all.”
Xi welcomed a dozen national leaders this year, from UNITED KINGDOM in South Korea – which often bring large business delegations. However, companies might not object to this reduction in attention if it solves an important geopolitical problem for them.
Ending the war in Iran would be a “great relief for world affairs,” said Hai Zhao, director of international policy studies at the Chinese Academy of Social Sciences, a state-affiliated think tank. It will be remembered “as the success” of the Trump-Xi summit.
However, the United States and Iran have exchanged fire in the Strait of Hormuz once again, each accusing the other of launching the attack. A few days earlier, a Chinese oil tanker was also hit, according to Chinese media Caixin. CNBC was unable to independently confirm the report.
If a smaller group of leaders joined Trump’s visit to China, it would contrast with the president’s trip to Saudi Arabia last May, where more than 30 American leaders accompanied him. When Trump visited China during his first term in 2017, the last sitting US president to do so, nearly 30 CEOs accompanied him – signing 37 major transactions worth more than $250 billion.
But the expected images of Trump and Xi together could still send a signal to China that it is again more acceptable to engage with American companies, said Michael Hart, president of the Beijing-based American Chamber of Commerce of China.
“Since U.S. military actions earlier this year, Chinese officials have become more hesitant to engage with the U.S. business community,” he said.
China welcomes the expansion of American businesses and hopes that businesses can continue to advance bilateral economic relations, the Foreign Ministry told CNBC. China’s Commerce Ministry did not respond to a request for comment.
At the same time, the urgency of some business-related issues is diminishing. The two countries are backtracking after the recent confrontation over American sanctions And technologywhile considering cooperation in the growing market AI security threataccording to reports.
And some progress could still be made. Trump is expected to strike deals on Chinese purchases of U.S. soybeans and Boeing planes, according to Scott Kennedy, senior adviser and board chair for China business and economics at the U.S.-based Center for Strategic and International Studies.
He also expects Trump to discuss U.S. plans to create trade and investment organizations — called “councils” — to address specific bilateral issues.
Read more news about China“The meeting will most likely consolidate the advantages that China has gained over the past year,” Kennedy said.
Beijing will likely focus on tariffs, the status of Taiwan and U.S. restrictions on China’s access to advanced technologies, Kennedy said. China was the first major country to retaliate against the tariffs announced by the Trump administration in April 2025.
At the same time, changes to China’s increasingly strict export controls for rare earths would be felt worldwide and affect all countries, not just the United States.
—Matthew Chin of CNBC and Kevin Breuninger contributed to this report.
