Trump Says Trade Is the Key Agenda Item... Jensen Huang Joins China Delegation at the Last Minute

U.S. President Donald Trump is seeking to highlight economic gains from this visit to China. Along with the large size of his delegation, Trump reiterated just before departing China on the 12th local time that trade is the key agenda item. With the midterm elections approaching in November, Trump is under pressure to deliver visible results and has been pressing China for "commitments" on purchases of agricultural and livestock products such as soybeans and beef, as well as Boeing aircraft.
By bringing a large group of key U.S. business leaders, including NVIDIA CEO Jensen Huang, Tesla CEO Elon Musk, and Apple CEO Tim Cook, Trump said he would directly ask Xi Jinping to open up the market. As moves emerged to resume direct U.S. exports of liquefied natural gas (LNG) to China, along with agreement on opposing tolls in the Strait of Hormuz, the summit is increasingly seen as expanding into a massive economic and security negotiation.
The United States and China remain far apart in terms of priorities and the issues they want to negotiate. Still, Xi is expected to preserve some of Trump's face while seeking practical gains on Taiwan. The talks are likely to amount to little more than managing and containing tensions and pending issues.
■ Huang, Musk, and Cook all in attendance
On the 12th local time, Trump wrote on Truth Social, "CNBC incorrectly reported that Jensen Huang was not invited to the China visit economic delegation," adding, "In fact, Jensen is currently on Air Force One." According to the White House press pool, Huang boarded the presidential aircraft Air Force One, which was refueling in Anchorage, Alaska. Trump is said to have personally called Huang and asked him to join the trip to China.
The economic delegation includes many prominent figures representing U.S. industry.
As financial sector figures make up a large share of the delegation, there is also a possibility that calls will be made for China to further open its financial market. China has recently eased some limits on foreign ownership in financial firms, but U.S. financial institutions still argue that regulatory barriers remain high.
AI semiconductor issues are also a major bargaining chip. Over the past several years, the United States has strongly restricted NVIDIA's exports of high-performance AI chips to China. Semiconductor controls on China, which began under the Joe Biden administration, have continued under Trump's second term. Trump announced in December last year that he would allow sales of NVIDIA's H200 chip to China, but no actual exports have taken place yet. Some observers say Huang's trip could open the door to discussions on easing AI semiconductor restrictions. "We are still far from any export-control agreement, but the fact that Huang is part of the delegation is itself a positive signal," one assessment said.
Signs of change are also appearing in the energy sector. Three LNG carriers that recently departed from an LNG export terminal in Louisiana are expected to arrive at Tianjin Port in China around the 15th to 20th. This would be the first direct shipment of U.S. LNG to China since the start of Trump's second term.
■ Shared opposition to "Strait of Hormuz tolls"
The U.S. Department of State announced that it has already reached a shared understanding with China on opposing tolls in the Strait of Hormuz. State Department spokesperson Tommy Pigott said, "Wang Yi, China's foreign minister, and U.S. Secretary of State Marco Rubio agreed that no country or organization should impose tolls on international waterways such as the Strait of Hormuz." The two sides discussed the issue in a phone call in April, and this is the first time the U.S. government has made the details public. China did not deny the claim. Liu Fengyu, a spokesperson for the Chinese Embassy, said, "Maintaining security and stability in the region and ensuring unhindered navigation serves the common interests of the international community."
km@fnnews.com Kim Kyung-min Reporter