Finance

China’s Xi calls on top executives to help ‘uphold global order’ as trade tensions with U.S. rise

Published

2 months ago

March 28, 2025

Business Finance News

China’s and U.S.’ flags are seen printed on paper in this illustration taken January 27, 2022.

Dado Ruvic | Reuters

BEIJING — Chinese President Xi Jinping on Friday met with global executives and made a case for investing in the country, as Beijing focuses on reaching out to businesses amid escalating trade tensions with the U.S.

He said multinational companies had a big responsibility to “uphold global order” and that they needed to work hand in hand with China.

He emphasized that China was a safe and stable place for foreign companies. “To invest in China is to invest in tomorrow,” he said in Mandarin translated by CNBC.

Echoing recent policy plans, Xi said that China would ensure fair opportunities for foreign businesses to participate in government procurement bids.

More than 40 people, mostly foreign executives and business officials, attended the roundtable meeting with Xi, including Bridgewater Associates’ Ray Dalio, Standard Chartered CEO Bill Winters and Blackstone Group CEO Steve Schwartzman.

U.S. President Donald Trump has raised tariffs by 20% on China since January over its alleged role in the U.S. fentanyl crisis, and threatened a swath of new tariffs on major trading partners starting early April. Trump this week said he might reduce China tariffs to help close a deal that forces Beijing-based ByteDance to sell TikTok’s U.S. operations.

The U.S. this week also added dozens of Chinese tech companies to its export blacklist, the first such restrictions under the Trump administration.

China has increased its trade with Southeast Asian countries and the European Union, but the U.S. remains Beijing’s largest trading partner on a single-country basis.

Xi said U.S.-China trade tensions should be resolved through negotiations. “We need to work for the stability of global supply chains,” he added, noting there was no way out under decoupling.

Politburo standing committee member Cai Qi, China’s top diplomat Wang Yi and Vice Premier He Lifeng also attended the meeting along with the heads of China’s economic planning agency, finance ministry and commerce ministry.

In a sign of how Beijing seeks to offset trade pressures, rather than retaliate forcefully, China courted the executives of major U.S. businesses at a state-backed annual conference that ran from Sunday to Monday. Apple CEO Tim Cook was among the executives who attended, while Tesla CEO Elon Musk was conspicuous by his absence.

Also on Sunday, U.S. Republican Senator Steve Daines met Chinese Premier Li Qiang in Beijing — the first time a U.S. politician has visited China since Trump began his latest term in January.

“This was the first step to an important next step, which will be a meeting between President Xi and President Trump,” Daines told the Wall Street Journal. “When that occurs and where it occurs is to be determined.”

The White House did not respond to CNBC’s request for comment.

Li urged cooperation and said no one can gain from a trade war, according to state media.

Top executives of major firms including FedEx, Pfizer, Cargill, Qualcomm and Boeing as well as U.S.-China Business Council President Sean Stein were also present at Daines’ meeting with Li, according to a foreign media pool report.

Finance

AI drives growth for a few Chinese companies. Analysts share picks

Published

3 hours ago

May 25, 2025

Business Finance News

Finance

What the Trump tax bill means for your wallet

Published

1 day ago

May 24, 2025

Business Finance News

Treasury Secretary Scott Bessent joins ‘America’s Newsroom’ to discuss a possible 50% tariff on the European Union, a 25% tariff on Apple, possible Senate changes to Trump’s ‘big, beautiful bill’ and the push to modernize the IRS.

President Donald Trump’s “big, beautiful bill” cleared the House and is making its way through the Senate.

Still, critics point out the bill, which is over 1,000 pages, will add trillions to what is already ballooning government debt hovering at $36 trillion and deficits. However, U.S. Treasury Secretary Scott Bessent believes this can be managed.

“We think that we can both grow the economy and control the debt. What’s important, Bill, is that we grow the economy faster than the debt. What I would tell your viewers to focus on, what I am focused on, what Secretary Yellen was focused on is what is the total debt to GDP because we can grow our way out of this,” Bessent said during an appearance Friday on Fox’s “America’s Newsroom” with Bill Hemmer.

NATIONAL DEBT TRACKER: AMERICAN TAXPAYERS (YOU) ARE NOW ON THE HOOK FOR $36,214,475,432,210

Still, the bill contains several provisions that will benefit American workers and everyday households. FOX Business explains how your money may be affected.

NO TAX ON TIPS

Hardworking Americans won’t have to pay taxes on the tips they make. While this is good for service employees, it may mean lost revenue for the government…continue reading here

A tip jar on the counter at a coffee shop. (iStock / iStock)

401(k) FOR BABIES & CHILD TAX CREDITS

Typically, you start a 401(k) when you begin working, getting matched contributions from your employer. The bill may expand similar investment vehicles to newborns and other child tax credits…continue reading here.

Little girl sleeping (iStock / iStock)

SALT

High-tax blue states, such as New York, likely secured a win with a big bump for SALT, a deduction for state and local taxes, previously capped at $10,000…continue reading here

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The Midtown Manhattan skyline in New York City April 8, 2024. (Charly Triballeau/AFP via Getty Images / Getty Images)

AUTO LOANS INTEREST FREE

If you own or buy a car made in the U.S. using an auto loan, the interest is on track to be eligible for a deduction…continue reading here.

Vehicles for sale at an AutoNation Honda dealership in Fremont, Calif., June 24, 2024. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

MEDICAID SAFE?

Trump made it clear the Medicaid program, which provides basically free health insurance to Americans who meet income requirements, won’t be gutted. Not everyone is convinced…continue reading here

FOOD STAMPS

Changes to food stamps and nutrition assistance, formerly known as SNAP, or the Supplemental Nutrition Assistance Program, are part of the tax bill. Here’s what may change…continue reading here