BUSINESS

In Depth: Trump’s China Trip Opens Doors for U.S. Business

By Du Zhihang, Yue Yue, Zou Xiaotong and Ding Yi

Published: May. 22, 2026 4:18 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

U.S. business representatives, including Nvidia CEO Jensen Huang, Apple CEO Tim Cook and Citigroup CEO Jane Fraser, arrive at the Great Hall of the People in Beijing on May 14. Photo: VCG

U.S. President Donald Trump’s summit with his Chinese counterpart Xi Jinping in Beijing last week highlighted how deeply intertwined major American companies remain with the world’s second-largest economy despite years of geopolitical and trade tensions.

The business executives accompanying Trump came from industries at the center of U.S.-China competition — including finance, semiconductors, artificial intelligence (AI), consumer technology, biotechnology and aerospace.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Save an extra $50. Introductory offer for new readers. Subscribe now.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

What Happened When

2017：: Visa becomes the first foreign company to apply for a bank card-clearing license in China, but it still hasn't received approval as of the article's writing.

2020 to 2022：: China's stock market loses roughly $6 trillion in value.

May 2023：: Chinese government bans Micron from selling products to China due to cybersecurity risks.

2023：: Mastercard's joint venture with NetsUnion Clearing Corp. receives approval to offer bank card-clearing services in China.

February 4, 2025：: China's Ministry of Commerce places Illumina on its Unreliable Entity List.

March 2025：: Illumina is barred from exporting gene sequencers to China by China's Ministry of Commerce. A consortium led by BlackRock reaches a $22.8 billion deal to acquire 43 ports operated by CK Hutchison Holdings Ltd. Blackstone CEO Stephen Schwarzman says publicly in Beijing that Blackstone had full confidence in China’s economy.

mid-2025：: Nvidia is cut off from supplying GPUs to China, a state that lasts for more than a year.

July 2025：: Mastercard's joint venture has partnered with more than 20 banks to roll out nearly 100 bank card products.

November 2025：: Goldman Sachs CEO Solomon says global investors are gradually returning to China’s stock market. China's Ministry of Commerce says it will stop enforcing restrictions on Illumina.

March 2026：: Nvidia CEO Jensen Huang says the company has secured U.S. government permission to sell H200 chips to Chinese customers and restarted their production.

April 2026：: Nvidia's Huang reiterates that the company's China market share has fallen to zero.

April 27, 2026：: Office of the Security Review Working Mechanism for Foreign Investment of China's top economic planner prohibits Meta's acquisition of Manus and orders the transaction to be unwound.

early May 2026：: Citigroup CEO Jane Fraser says it is 'very important to see engagement' between the U.S. and China.

May 2026：: U.S. President Donald Trump holds a summit with Chinese President Xi Jinping in Beijing. Citigroup's application for a license to run a wholly owned securities firm in China is approved. Nvidia CEO Jensen Huang joins Trump's delegation as a last-minute addition. Nvidia's market capitalization hits a record high of over $5.7 trillion. Micron Technology Inc. tries to capitalize on the Beijing trip to rebuild its business in China.