Pictured here is the last state visit of a sitting US president to China. President Donald Trump traveled to Beijing to meet with Chinese President Xi Jinping in November 2017 during his first term in office.
Pool | Getty Images
BEIJING – The Iran war is likely to be the focus of the summit between U.S. President Donald Trump and China’s Xi Jinping, leaving less room to resolve issues such as tariffs and rare earth supplies.
US Treasury Secretary Scott Bessent has already said Iran will be a topic at meetings scheduled for May 14 and 15. And earlier this week, China hosted Iran’s foreign minister for the first time since the war began in late February – raising hopes of a peace deal, sending oil prices lower and fueling stock market gains.
The U.S. government rejected China’s invitation to organize industry-specific meetings between senior Chinese executives and U.S. CEOs because it believed it might appear that American companies were too closely aligned with Beijing, according to a U.S. executive with direct knowledge of the arrangements. As of Tuesday, the White House had not formally invited executives to join Trump on the trip, and a proposed list of two dozen executives could be cut in half, the person added.
Boeing And Citigroup CEOs are among those who will accompany Trump, two different sources said. The US aircraft giant is expected to secure its first major order from China in nearly a decade around the summit.
Xi has hosted a dozen heads of state and government this year from Britain to South Korea – often bringing large business delegations. Nevertheless, companies should not object to the reduced focus if it removes a major geopolitical overhang for them.
An end to the Iran war would be a “great relief for the global economy,” said Hai Zhao, director of international policy studies at the Chinese Academy of Social Sciences, a state-affiliated think tank. It would be “remembered as a great success” of the Trump-Xi summit.
However, the US and Iran once again engaged in a firefight in the Strait of Hormuz, with each accusing the other of initiating the attack. Just a few days earlier, according to the Chinese media company Caixin, a Chinese oil tanker had also been hit. CNBC could not independently confirm the report.
If a smaller group of leaders attend Trump’s visit to China, it would be in contrast to the president’s trip to Saudi Arabia last May, when more than 30 U.S. leaders accompanied him. When Trump became the last sitting US president to visit China during his first term in 2017, nearly 30 CEOs accompanied him – and signed 37 major contracts worth more than $250 billion.
But the expected images of Trump and Xi together could still send a signal in China that it is more acceptable to work with U.S. companies again, 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 reluctant to engage with the American business community,” he said.
China welcomes the US’s business expansion and hopes the companies can further advance bilateral economic ties, the Foreign Ministry told CNBC. China’s Commerce Ministry did not respond to a request for comment.
Meanwhile, the urgency of some business-related issues is decreasing. Both countries are reportedly backing down on the recent confrontation over US sanctions and technology while seeking cooperation on the growing security threat posed by AI.
And perhaps there is still some progress to be made. Trump is expected to strike deals on Chinese purchases of U.S. soybeans and Boeing aircraft, according to Scott Kennedy, senior adviser and board of trustees for Chinese economics at the U.S. Center for Strategic and International Studies.
He also expects Trump to discuss U.S. plans to set up trade and investment organizations – so-called “boards” – to address specific bilateral issues.
“The meeting will most likely consolidate the advantages China has gained over the past year,” Kennedy said.
Beijing’s focus will likely be on tariffs, Taiwan’s status and U.S. restrictions on Chinese access to advanced technology, Kennedy said. China was the first major country to retaliate against tariffs announced by the Trump administration in April 2025.
Meanwhile, changes to China’s increasingly strict export controls on rare earths would be felt worldwide and would affect all countries, not just the United States
—CNBC’s Matthew Chin contributed to this report.
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.