China, US discuss tariffs; CEOs seek relief

China’s commerce ministry said this week that U.S. and Chinese officials held “in-depth” discussions on tariffs during talks in Beijing, putting Beijing’s public account at odds with President Donald Trump’s statement that tariffs were not discussed. The statement, issued after Trump’s May 13-15 visit to China, said the two sides talked through tariff arrangements and other trade issues as part of broader economic consultations. Reuters reported on May 20 that China said the two governments had agreed to cut tariffs on agricultural trade, though the ministry did not spell out implementation details. Elon Musk and other chief executives who traveled with Trump to Beijing used the trip to press for relief from Chinese regulatory and commercial barriers, the New York Times reported on May 21. The report said executives from Tesla, Boeing, Apple, Nvidia and Cargill were among those seeking clearer market access and fewer restrictions from Chinese authorities. CNBC separately reported that Musk, Nvidia’s Jensen Huang and Apple’s Tim Cook were part of the U.S. delegation at a state banquet in Beijing on May 14. (msn.com) ### Why did Beijing’s account draw attention? China’s Ministry of Commerce said on May 16 and again on May 20 that tariff issues were part of the talks, including arrangements on bilateral tariff measures and discussions tied to agricultural trade. That account contrasted with Trump’s public insistence that tariffs were not part of the conversation. Politico, citing the ministry, reported on May 17 that Beijing also described a preliminary agreement to reduce some tariffs and confirmed aircraft and agricultural deals reached during the trip. (nytimes.com) Bloomberg reported on May 20 that China had signaled it would accept some increase in U.S. tariffs to a level discussed last year while continuing talks over a trade truce. That report suggested the negotiations were focused less on a broad reset than on managing tariff levels within an existing framework. ### What were U.S. companies asking China to do? The New York Times said on May 21 that the executives in Trump’s entourage were looking for practical concessions from Beijing, including relief from licensing, regulatory and market-access obstacles that have weighed on their China businesses. (politico.eu) The paper reported that the group was trying to win favor with both the Trump administration and Chinese officials because both governments can affect their operations. (bloomberg.com) CBS News reported that the business delegation’s combined wealth approached $1 trillion and said the group underscored how deeply some major U.S. companies remain tied to China despite years of trade tensions. Trump had said before the trip that he would ask President Xi Jinping to “open up” China, according to reporting by The Independent. ### Which sectors are investors watching first? Digital Today reported on May 21 that Boeing, Archer-Daniels-Midland and Qualcomm were in focus after the trip because the talks produced a framework for aircraft orders, expanded Chinese purchases of U.S. farm products and mutual tariff cuts on about $30 billion of goods. (nytimes.com) The report said Boeing had confirmed an initial order for 200 aircraft tied to the discussions. CNBC had flagged aerospace, agriculture and chip-related companies as key names to watch during the summit. (cbsnews.com) The Wall Street Journal, as carried by Yahoo Finance, reported on May 20 that China and the United States had reached limited trade agreements on Boeing jets and beef imports after Trump’s meeting with Xi. Reuters also reported that China said the two sides would expand agricultural trade and address non-tariff barriers and market-access issues. ### How does Europe fit into the same trade picture? (digitaltoday.co.kr) The European Union approved a tariff deal with the United States on May 20 that caps tariffs on most EU exports at 15%, according to the Associated Press and the Arkansas Democrat-Gazette. The approval avoided a direct clash with Trump ahead of his July 4 deadline and added a separate track to Washington’s trade talks with allies. The European Commission says the underlying EU-U.S. trade deal was first agreed on July 27, 2025. (finance.yahoo.com) July 4 is the next concrete date in the U.S.-EU track, while aircraft deliveries, Chinese farm purchases and any formal tariff schedules are the next milestones investors and companies will be able to measure in the U.S.-China talks. (usnews.com) (arkansasonline.com)