Prominent American business figures such as Elon Musk, Bill Gates, and Tim Cook from Apple have chosen to visit Beijing, demonstrating their willingness to engage with the Chinese market. Despite the prevailing negative narratives surrounding the US-China trade war, these US Business titans seem to be challenging this pessimistic outlook.

From Elon Musk to Bill Gates and Apple’s Tim Cook, some of the United States’ biggest business titans have headed to Beijing, seemingly defying the barrage of doomsayer narratives around the US-China trade war.

The stream of visits by some of the world’s richest men began after China abruptly ended nearly three years of Covid isolation late last year.

In Beijing, the American magnates have talked up their optimism about China’s vast market and trade ties between the world’s two largest economies.

The visits come as US-China trade tensions deepen, and after trade between the two countries reached a record $690.6 billion last year, according to the US Department of Commerce.

But businesses are worried about a slow in US exports to China, America’s third-largest trading partner, with the drop strongly felt in the tech industry.

Citing national security concerns, the United States in 2022 blocked exports to China of the most advanced semiconductors and the equipment needed to make them.

China has hit back by vowing to accelerate its efforts to become self-reliant on semiconductors.

US businesses in China have long been at the forefront of advocating for engagement, arguing that a strong economic relationship could spur reform.

The visits by the magnates show just how embedded some of the world’s biggest firms are in China, despite the political tensions.

The business community in China will be closely watching US Secretary of State Antony Blinken’s visit this weekend, which analysts say is unlikely to ease the confrontation.

The US-China Business Council, long a key interlocutor between Beijing and Washington, feels left in the lurch, with its efforts against stricter trade curbs having failed to sway an increasingly hawkish Congress.

Recent moves by Beijing to restrict overseas access to data and raids on consulting firms’ offices have also spooked foreign companies, adding to a sense that doing business in China is increasingly not worth the risk.

Many top manufacturers are openly recalibrating their reliance on China: both Apple and Tesla are looking to move some of their production out of the country.

Khalil Wakim, with AFP