Musk Is Out, Jensen Huang Can’t Join... Trump Assembles a Delegation

[The Financial News, New York = Reporter Lee Byung-chul] A large number of chief executive officers from major companies will accompany U.S. President Donald Trump on his upcoming trip to China. There are also expectations in the United States that the visit could turn into a large-scale sales mission. With the midterm elections approaching in November, Trump is under pressure to secure visible economic results from the trip.
Beyond a diplomatic event, the talks are largely shaping up as an 'economic and security package negotiation' involving China’s pledge to buy large volumes of U.S. goods, rare earths and supply chains, and expanded access for U.S. companies to the Chinese market.
On the 11th, local time, CNBC and other outlets reported that Elon Musk, CEO of Tesla and SpaceX, Tim Cook, CEO of Apple Inc., and Kelly Ortberg, CEO of The Boeing Company, will accompany Trump on his China trip from the 13th to the 15th. The delegation list also includes CEOs from Goldman Sachs, Blackstone Inc., BlackRock, and Citigroup Inc., as well as Dina Powell McCormick, president of Meta Platforms. Jensen Huang, CEO of NVIDIA Corporation, was left out.


The Boeing Company is widely seen as the biggest potential beneficiary of the trip. The company is nearing a large aircraft supply deal with China. CEO Kelly Ortberg said during last month's earnings call that China could soon place a "large" aircraft order. Market speculation points to a possible order of as many as 500 Boeing 737 MAX jets. For Boeing, it would be a symbolic deal that could end a near-decade-long drought in major orders from China. Any new contract between Boeing and China is expected to depend heavily on the outcome of the summit between the United States and China. Ortberg underscored the importance of the meeting, saying, "A new deal depends 100% on the U.S.-China relationship."
Boeing has been effectively shut out of the Chinese market since the 737 MAX crashes in 2018 and 2019. China was the first country in the world to ground the 737 MAX at the time. Although the flight restrictions were later lifted, no major new orders followed. In the meantime, Chinese airlines turned to Boeing's rival, Airbus SE. China Southern Airlines recently decided to buy 137 Airbus A320 aircraft, a deal worth $21.4 billion.
Tesla is seeking approval for its autonomous driving system in the Chinese market. SpaceX is also in talks with Chinese solar companies to build a space data center. Apple Inc. remains a key market in China, which accounts for about 20% of its total sales, while also serving as a production base where major partners such as Foxconn are concentrated. Huang's absence has also raised the possibility that his recent remarks may have clashed with Trump's hard-line stance on China. CNBC reported that General Motors (GM), Walt Disney, and Alphabet Inc. also have deep interests in China but were not included in the White House delegation this time.

Talks on establishing a U.S.-China trade committee are also a major economic agenda item in the meeting. Jamieson Greer, the U.S. Trade Representative, recently stressed the need for such a committee in a call with Chinese Vice Premier He Lifeng. The committee is expected to manage trade between the two countries, focusing on items with limited direct national security implications, such as agricultural products, consumer goods, and aircraft. Market watchers see it as a standing consultative body designed to manage recurring tariff battles and supply chain conflicts. Some also say a new negotiation channel is needed after U.S. courts blocked parts of the Trump administration's tariffs on China, making steep tariffs less viable.
pride@fnnews.com Reporter Lee Byung-chul Reporter