Tesla, whose CEO Elon Musk traveled to Beijing as well, has been losing ground inside China and across much of the the globe to Chinese EV rival BYD. According to Counterpoint Research, Tesla’s EV market share in China fell to 10% in the last quarter of 2025, compared to 14% a year earlier. Tesla lost its status as the world’s largest seller of EVs to BYD last year as well.

Apple chief Tim Cook, also in Trump’s entourage to China, is seeing his company challenged by Chinese smartphone makers like Huawei and Xiaomi. Apple held about 22% of the smartphone market share in China as of the end of last year, according to Counterpoint Research, and still has significant electronics assembly operations in China.