President Donald Trump touched down in Beijing Wednesday night, stepping off Air Force One to a military honor guard and vice president Han Zheng. The two‑day visit marks the first U.S. presidential trip to China since Trump’s 2017 swing, and it arrives as Beijing has recently leveraged mineral export controls to blunt steep U.S. tariffs. Trump’s itinerary positions trade at the summit’s core.

Accompanying the president are Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Treasury Secretary Scott Bessent, who led pre‑summit negotiations. A business delegation features Elon Musk of Tesla, Nvidia founder Jensen Huang and Apple chief Tim Cook, underscoring the high stakes for technology and supply‑chain ties. Investors will watch for any concessions that could ease Chinese restrictions on rare‑earths and semiconductors.

China’s leverage over critical minerals has already forced Washington to ease tariff demands, and any pact here could reshape supply chains worth billions. With Trump still hunting a breakthrough on Iran, the Beijing talks test his administration’s ability to negotiate on multiple fronts. The result will directly impact equity exposure to U.S. tech giants and Chinese resource exporters.