Other BriefingsTrump in Beijing – What Can Businesses Expect from the Meetings?
Trump Beijing meetings business impact is under close scrutiny as US-China talks resume amid tariff investigations, regulatory uncertainty, and renewed dealmaking efforts. With limited time and high expectations, businesses are focused less on headline diplomacy and more on what the meetings may realistically signal for trade stability, market access, and investment conditions.
Donald Trump has landed in China for his second official state visit and the first trip of a US president to the country since his first visit in 2017.
The two days of talks, which were originally set to take place at the beginning of April but postponed due to the Iran conflict, are being watched closely by businesses and investors the world over who are hoping a more lasting trade agreement can bring long-term stability to the relationship and global trade.
While there are many high-stakes issues on the negotiating table, it is uncertain how much can be accomplished due to the complexity of the disputes, the most pressing of which are the ongoing two-way tariff investigations.
Trump has also brought with him an entourage of business executives who are hoping to strike a range of commercial deals or gain important regulatory approvals, which are likely to be more fruitful than the broader geopolitical negotiations.
With the outcome of the meetings far from certain, here are the key questions businesses are asking ahead of the Trump-Xi meeting.
What will happen to the Section 301 tariff investigations?
This is perhaps the most important issue for businesses, but one that may not be resolved during this round of meetings.
The US is currently conducting three Section 301 investigations into Chinese trade practices that could result in further import duties. Two of these investigations were launched after the US Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act (IEEPA) in February, eliminating the 10 percent “fentanyl” tariff and the 10 percent “reciprocal” tariff on Chinese goods that were in place at the time. The investigations seek to find a permanent solution to plug the tariff gap left by the Supreme Court decision before the 10 percent stop-gap tariff imposed under Section 122 Trade Act of 1974 runs out on July 24.
A separate Section 301 investigation launched in October 2025 into China’s fulfillment of the Phase One Trade Deal is also ongoing.
China has responded by launching two retaliatory investigations into trade barriers imposed by the US, raising concerns that we could see the return of a tit-for-tat trade war.
The meetings could provide a platform for avoiding such a scenario, but it is unclear whether the investigations are on the negotiating table. US officials have previously suggested that they could be used as a negotiating tool. Following the launch of the Section 301 investigations in March, the US Trade Ambassador Jamieson Greer told reporters that the countries under investigation “continue to want to deal, and President Trump continues to want the deal”.
However, tariffs – and the US’s trade deficit with China – remain core to Trump’s trade policy. The administration has sought to maintain a baseline tariff of 10 percent on all countries, including its closest allies. It therefore remains unlikely that the US will agree to halting the investigations, much less a more permanent elimination of tariffs. Some analysts have suggested the US could seek to raise tariffs to as much as 35 percent or more this summer.
Then there is the question of what the Supreme Court decision means for the previous détente reached between China and the US following the last Xi-Trump meeting in October. This preliminary agreement saw the two sides agree to maintain lowered two-way tariffs until November 10, 2026 – but on the US side, these tariffs have now been voided. What could be negotiated, instead, is a workable solution to upholding this truce, rather than a permanent ceasefire.
Greer has previously stated that the two sides have agreed to establish a “US-China Board of Trade”, which would promote bilateral trade and investment by focusing on “areas of mutual benefit” and helping the US assess which Chinese products should or should not be imported. This could perhaps provide a mechanism to prevent future tariff escalations.
What will happen with the rare earth controls?
In retaliation for Trump’s barrage of tariffs, China tightened control over the export of rare earths – a commodity over which it effectively holds a global monopoly – starting in April 2025. On October 9, 2025, it released sweeping new measures that expanded this control to more rare earth elements, as well as imposing extraterritorial controls on products made outside of China using Chinese input rare earth materials.
However, following the Trump-Xi meeting in Busan in October, China agreed to suspend the October 9 rare earth exports for one year until November 10, 2026. It also suspended earlier bans on exports of certain dual-use critical minerals until November 27, 2026, and agreed to start issuing general rare earth export licenses for rare earths, gallium, germanium, antimony, and graphite.
While reports from the Chinese Ministry of Commerce (MOFCOM) as well as industry groups indicate licenses are being issued, data from China Customs suggest exports have fallen considerably since the controls were put in place. In the first three months of 2026, exports of compounds of rare earth metals, including the seven controlled rare earths, fell 31 percent from the same period in 2025.[1]
As companies across the world continue to face shortages and high prices for rare earths and permanent magnets, the Trump team is expected to push for both an extension of the suspensions, as well as easier access to the materials for US companies.
Following meetings between Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, and Trade Ambassador Greer in Paris in March, Greer told reporters that the two sides discussed upholding the bilateral agreement reached in October, in particular as it related to the provision of rare earths.
A Trump official told the New York Times on Sunday that “he was confident the two sides would reach an extension before the postponement expired”.
What trade and business deals could be struck during the meetings?
This is where the easy wins will be for the Trump administration. Whatever the result of the tariff and export control negotiations, the meetings are expected to oversee the announcement of a range of trade and business deals.
Trump has travelled to China with a cohort of business executives, including Apple’s Tim Cook, Elon Musk, the CEO of Boeing, Kelly Ortberg, and Nvidia’s Jensen Huang.
Bloomberg reported in March that China is considering purchasing 500 Boeing 737 Max jets, a deal that could be closed over the coming days. Boeing has been at the center of ongoing discussions since sales to China dropped due to regulatory issues following two major crashes of Boeing 737 MAX 8 jets in 2018 and 2019.
Elon Musk, meanwhile, will be seeking regulatory approval for Tesla’s full self-driving feature that would give his EVs a competitive edge over competitors in China.
Meanwhile, Jensen Huang’s presence could signal the conclusion of the deal to sell Nvidia’s H200 chips to Chinese customers, which were approved for export by the US in January but are awaiting finalized import requirements from China.
Beyond business dealings, the meetings may also yield further deals on the trade in agricultural products. In a congressional hearing on April 22, US Trade Ambassador Jamieson Greer said that the US will be seeking to get more commitments for agricultural purchases from China during the meetings, adding that the US is “trying to establish a mechanism with China to facilitate expanded trade in non-sensitive goods, which would include, of course, agriculture”.
China has already committed to purchasing 25 million metric tons of soybeans from the US each year in 2026, 2027, and 2028, as well as an initial purchase commitment of 12 million metric tons by the end of 2025 (later delayed until the end of the growing season), which it has already fulfilled. Following a call with President Xi Jinping in February, Trump claimed that China was considering adding eight million tons in shipments during the current season from this base; however, this has yet to be confirmed.
What happens if the meetings fail to deliver on a lasting deal?
The meetings will be hugely consequential for the future of business and trade with China, as failure to reach at least some kind of lasting truce could leave the door open to more volatility in the near future. However, they will not be the last chance for the two sides to come to an agreement. Trump has extended an invitation to President Xi to visit the US later in 2026, which, if confirmed, would provide another avenue for the two sides to hammer out an enduring trade deal.
In the meantime, companies should continue to stay ahead of possible policy headwinds by building resilience and contingency into their supply chains and production planning. The July 24 expiry of the US’s temporary Section 122 tariffs and the looming Section 301 findings that could replace them mean that, unless a breakthrough is made, businesses could face a fresh tariff reckoning within a matter of months.
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