LIVE: Trump’s China summit officially begins with Xi and with a powerhouse lineup of U.S. CEOs

Chinese President Xi Jinping opened talks with Trump by saying the world is watching the meeting closely and that US-China relations are now facing a major turning point.

Xi sat across from Trump at the middle of a long oval table, with officials from both countries seated along the sides. He said the main question is whether China and the US can move past the Thucydides Trap, a phrase used to describe the risk of conflict when a rising power challenges an established one.

Xi said both countries should act as partners instead of rivals, help each other succeed, grow together, and find the right way for major powers to deal with each other in this era.

Trump responded by pointing again to his relationship with Xi, saying they have a “fantastic relationship.” He also said he has “such respect” for Xi and China, called him a “great leader,” and said it was an “honor” to be there.

Trump said the US delegation was ready to talk about reciprocal trade, one of the main themes of the trip.

Xi said the shared interests between China and the US are bigger than their disagreements. He added that steady relations between both countries are good for the world.

The CEOs traveling with Trump had gave brief comments before entering the Great Hall of the People. Nvidia CEO Jensen Huang, who flew to China on Air Force One with Trump, said the meetings so far had been “excellent.”

Tesla CEO Elon Musk, who also flew with Trump and Jensen, said he hoped to “accomplish many good things” during the visit.

Apple CEO Tim Cook, who is set to become executive chairman, gave reporters a thumbs-up when asked how the trip was going.

Trump and Chinese President Xi Jinping have moved inside the Great Hall of the People, where their first formal talks of the trip are getting underway.

The US and Chinese teams entered the room soon after both leaders. Xi opened the bilateral meeting first, with Trump speaking after him.

Trump said his relationship with Xi had held through difficult moments because both sides were able to speak directly when problems came up.

“We’ve had a fantastic relationship, we’ve gotten along when there were difficulties, we worked it out,” Trump said. “I would call you, and you would call me, and whenever we had a problem, people don’t know whenever we had a problem, we worked it out very quickly.”

Trump then turned to the business delegation traveling with him, saying he wanted only the most important executives on the trip.

“I wanted only the top, and they’re here today to pay respects to you and to China, and they look forward to trade and doing business, and it’s going to be totally reciprocal on our behalf,” Trump said.

The delegation includes leaders from Tesla, Nvidia, Apple, BlackRock, Blackstone, Boeing, Cargill, Citigroup, GE Aerospace, Goldman Sachs, Micron, Qualcomm, and Visa.

Trump said he asked the top 30 business leaders in the world to join him, and every one of them agreed.

The meeting has now started in Beijing. Chinese President Xi Jinping arrived first at the Great Hall of the People, coming down the front steps as the US delegation stood nearby.

Trump reached the venue moments later in his motorcade and stepped out at the bottom of the hall’s stairs to meet Xi.

The scene echoed Trump’s 2017 visit, when he also stood with Xi on the steps of the same building. The hall sits on the west side of Tiananmen Square, where China carried out a military crackdown on pro-democracy protesters in 1989.

Xi greeted members of the US team, including Defense Secretary Pete Hegseth, Treasury Secretary Scott Bessent, and Secretary of State Marco Rubio.

Trump also shook hands with several members of the Chinese delegation outside the hall before the formal talks began.

After short opening remarks, Trump and Xi are set to hold their first bilateral meeting of the trip. They are also expected to reunite later today for a visit to the Temple of Heaven, one of Beijing’s best-known tourist sites.

The day is scheduled to end with another meeting between both leaders at a state banquet this evening.

JPMorgan says its clients have turned sharply negative on stocks, even as the market rally continues to hold near record levels.

In a note from the bank’s equity trading desk, JPMorgan said bearish calls are getting much louder, with clients moving from careful to deeply pessimistic in a short time.

The concern comes after stocks recently pushed to fresh highs, including the S&P 500 reaching records as recently as Monday.

The worries are not coming from nowhere. Talks between the US and Iran look stuck after Trump said a ceasefire between both countries was on “life support.”

Inflation is also moving higher, adding another risk for investors already questioning how long the rally can last.

Still, JPMorgan’s trading desk is telling clients not to panic. The bank remains tactically bullish because it sees the wider economy holding up, helped by steady consumer demand, solid company earnings, fresh interest in tech stocks, and the chance that Trump and Chinese President Xi Jinping could reach agreements that lower tensions and costs.

JPMorgan also pointed to the possibility of a deal that reopens the Strait of Hormuz, which remains a key pressure point for global markets.

The bank said US indexes can stay near the top among developed markets if those supports remain in place.

Options activity is also leaning toward more gains. Royal Bank of Canada’s Amy Wu Silverman told reporters on Tuesday that call-option buying has reached a historic level, showing traders are still betting on upside.

JPMorgan said the consumer is still in decent shape, helped by tailwinds from the One Big Beautiful Bill Act.

The bank’s traders said the bullish case remains intact unless market fundamentals change or positioning becomes extremely stretched.

Trump has landed in China for his first visit there in nearly ten years, setting up a major round of talks with Chinese President Xi Jinping.

The trip is centered heavily on trade. Trump has already said his opening demand to Xi will be for China to give more room to the American executives traveling with him, including leaders from Tesla, Nvidia, Apple, BlackRock, Blackstone, Boeing, Cargill, Citi, GE Aerospace, Goldman Sachs, Micron, and Qualcomm.

The US-China trade relationship has been rough for years. Trump restarted the trade fight from his first term early in his second term, then later reached a truce with Beijing in October.

Iran is also expected to come up during the visit. China is seen as one of the few countries with real leverage over Tehran, but Trump has said he does not need Xi’s help to reach a peace deal.

China still has a direct interest in the conflict because it buys most of Iran’s oil. Estimates put China’s share at about 90% of Iran’s oil exports.

The biggest diplomatic events are expected on Thursday and Friday, when the formal meetings and ceremony around Trump’s visit begin.

Trump pushed back on CNBC’s report about Nvidia CEO Jensen Huang, saying Jensen was invited to the China trip and is already on Air Force One.

Trump said Jensen would stay on the flight unless he personally asked him to leave, which he said was not likely.

Trump also named the business leaders joining the trip. The list includes Tesla and SpaceX CEO Elon Musk, Apple CEO Tim Cook, BlackRock CEO Larry Fink, Blackstone CEO Stephen Schwarzman, Boeing CEO Kelly Ortberg, Cargill CEO Brian Sikes, Citigroup CEO Jane Fraser, GE Aerospace CEO Larry Culp, Goldman Sachs CEO David Solomon, Micron CEO Sanjay Mehrotra, and Qualcomm CEO Cristiano Amon.

Elon said only he and Jensen are currently on Air Force One, while the rest of the executives are part of the wider China delegation. Trump also said there are more CEOs on the trip whose names have not yet been made public.

Trump said he plans to ask Chinese President Xi Jinping to open up China for the American executives traveling with him.

After introducing Xi Jinping, Trump described Xi as a leader of rare distinction and said that request would be the first thing he brings up when they meet in the coming hours.

The trip now has a much bigger business angle around it, with top names from AI, electric vehicles, aerospace, banking, chips, consumer tech, and commodities all tied to Trump’s visit.

The delegation includes companies at the center of US-China trade tensions, especially Nvidia, Apple, Micron, Qualcomm, Tesla, and Boeing.

Trump has taken off from Joint Base Andrews on Air Force One for China, starting his first trip to Beijing since his 2017 visit as president.

He is scheduled to meet Chinese President Xi Jinping on Thursday and Friday, with trade, the Iran war, and Taiwan expected to be the main issues on the table.

Speaking before the trip, Trump said he planned to have “a long talk” with Xi Jinping, then referred to Xi by first name as he discussed China’s position around the war.

“I think he’s been relatively good, to be honest with you. You look at the blockade, no problem. They get a lot of their oil from that area. We’ve had no problem,” Trump said.

Asked whether Xi needed to step in on Iran, Trump dismissed the idea.

“I don’t think we need any help with Iran. We’ll win it one way or the other. We’ll win it peacefully or otherwise. Their navy is gone. Their air force is gone. Every single element of their war machine is gone,” he said.

The Taiwan issue is also set to come up. US principal deputy press secretary Anna Kelly said Trump will visit the Temple of Heaven and attend a state banquet during the trip.

On 11 May, Trump said he would discuss arms sales to Taiwan with Xi, breaking with the Six Assurances. He also posted on Truth Social that he was looking forward to visiting China, calling it “an amazing country.”