Donald Trump departed for China on Tuesday with an unusual entourage: 17 chief executives from major American corporations, signaling a push to unlock business opportunities in Beijing even as inflation surges at home and military conflict reshapes global energy markets.
The delegation includes the heads of Apple, Tesla, Nvidia, Goldman Sachs, Boeing, and other Fortune 500 companies. Trump plans to press Chinese President Xi Jinping to open markets for American business during what he described as an imminent meeting with "a Leader of extraordinary distinction."
The trip marks a notable turn for Elon Musk, whose presence signals reconciliation after a public falling out with Trump last year. Musk had led the administration's cost-cutting effort known as the "department of government efficiency" before clashing with the president over federal spending policy.
Before boarding his flight, Trump dismissed concerns about the economic strain Americans face, telling reporters he does not consider the financial impact on ordinary households when making decisions about Iran. "I don't think about anybody," he said when asked whether Americans' economic situations factored into his approach to the conflict. "The only thing that matters is we cannot let Iran have a nuclear weapon."
The comments come as inflation accelerated to 3.8% year-over-year in April, the sharpest increase since 2023, driven partly by energy prices tied to Middle East unrest. Gasoline prices have climbed past $4.50 a gallon since the conflict began in February, raising alarm about sustained economic pressure on consumers.
Trump pushed back against the economic headwinds, arguing that his policies "are working incredibly" and that when the conflict ends, oil prices will plummet and stock markets will soar. "Truly, I think we're in the golden age right now," he said. "You're going to see a golden age like we've ever seen before."
The Strait of Hormuz, a critical chokepoint carrying roughly one-fifth of global oil supplies before hostilities erupted, remains largely blocked, raising questions about whether energy costs will remain elevated for months. Trump told reporters he does not expect to need assistance from China, which maintains close ties to Iran and is the world's largest buyer of Iranian oil, to resolve the standoff. He said the conflict will be won "one way or the other, peacefully or otherwise."
Author James Rodriguez: "Trump's willingness to drag America's biggest business chiefs to China while shrugging off inflation at home reveals his bet: that a splashy foreign victory and asset price inflation will matter more to voters than their grocery bills."
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