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The Story Is with Elex Michaelson

Trump and Xi Speak with Reporters in Beijing; Ukraine Prepares Response to Russian Barrage; Iran Closely Watching Trump's China Trip; oil in Focus as Trump and XI Talk Iran, Strait of Hormuz; More Than a Dozen Business Executives Join Trump in Beijing; Marco Rubio Earns the Nickname "The Secretary of Everything." Aired 12-1a ET

Aired May 15, 2026 - 00:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[00:00:00]

UNIDENTIFIED FEMALE: (Speaking in foreign language)

XI JINPING, CHINESE PRESIDENT: (Speaking in foreign language)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Thank you.

XI: (Speaking in foreign language)

UNIDENTIFIED MALE: Thank you, thank you. Thank you.

ELEX MICHAELSON, CNN ANCHOR: You're watching right there, President Trump and President Xi speaking moments ago. That is our first readout of that meeting. We expect to see some video of them walking together in the garden in a few moments.

Welcome to a very special edition of THE STORY IS. I'm Elex Michaelson in Los Angeles.

Thanks to everyone who was just watching "LAURA COATES LIVE."

Let's start things off in China. Our Beijing bureau chief, Steven Jiang, is joining us now.

Steven, your takeaway from what we just heard from the president of China and from President Trump, who is saying that they have very similar views when it comes to Iran, that they want to get the straits open and what's happening there has been a little bit crazy.

STEVEN JIANG, CNN BEIJING BUREAU CHIEF: That's right, Elex. Obviously, we only heard part of the conversation that the media was allowed to hear. So there's supposedly a lot more discussion and exchanges of views going on behind closed doors. But at least in the part we just heard, President Xi did not address the Iran issue, but the Chinese Foreign Ministry did issue a statement earlier today after President Trump said how Mr. Xi had committed to not providing Iran with military equipment.

Now, they did not explicitly endorsing that statement, but rather just reiterated their long standing positions in terms of calling for a lasting ceasefire, as well as saying this issue, this conflict has to be resolved through dialogue and consultations and negotiations. So none of that is new. Of course, China has never publicly acknowledged of sending arms to Iran. What they have said in the past is also a lot of these accusations and protests from the U.S. is basically talking about what they consider normal trade.

They're sending or selling so-called dual use products that are products that have both civilian and military purposes to Iran, one of their closest partners in the Middle East. But what's also interesting in the conversation we just heard from the two leaders, a few points stood out to me. One is, they are both still very much trying to compliment or even flatter each other, expressing mutual respect and admiration.

And Mr. Xi, as I was starting to hear what was -- he was saying to President Trump, introducing the ancient trees and flowers inside the Zhongnanhai Garden to the U.S. president.

[00:05:08]

And President Trump, of course, also highlighted how great the trip has been. But one thing he said that is also very interesting, of course, is he again mentioned he is inviting President Xi and his wife to the U.S. in September.

I think that is perhaps one of the most tangible and important things out of this summit as well. That is, the two leaders will have at least two more, potentially two more chances to meet face to face later this year. One is that September invitation you just heard the president say. The other, of course, is in November, when China hosts the APEC Leadership Summit. That's another potential opportunity for President Trump to come here as well.

And this is important because one thing that's been lacking in this relationship in recent years is a is a durable stabilizer. And this kind of structured and regularized face-to-face meeting between the two leaders will provide exactly that. And that, of course, is also a touching -- that is really touching on what Mr. Xi is saying and which is something a new term they have coined on the Chinese side. That is constructive strategic stability.

Now, it sounds a mouthful, but it's very important to the Chinese to mention this because from their perspective, this is not just a reset, it's a repositioning of this relationship, that is this, in this new formulation, they are, for the first time, perhaps in a long time, acknowledging the competitive component of this relationship, even though they still insisting on the main theme should be cooperation.

But they are OK. They're accepting what they call moderate level of competition as well as manageable differences. Now, these are, of course, very important because they could tell their audience, they could show their domestic audience that they have stood their ground to Mr. Trump, and now they can set the terms and perhaps tone as well for the relationship going forward, because obviously, what's moderate, what's manageable, these are all terms open to interpretation. But overall, it seems the main takeaway of the summit, both day one

and what we just heard is everything has gone according to plan, at least publicly. You know, beneath all these, the pageantry and the circumstance and the warmth and -- the warmth and the smiles, of course, lies this cold reality is this is still a very competitive and complex relationship. And both sides, according to analysts, may still want to buy time to address their own strategic vulnerabilities -- Elex.

MICHAELSON: Yes. And Steven, as we're now looking at this video, which is just being fed into us, this is the first time that we're getting a look at this video. Maybe we can take that full as we look at this walking shot of President Trump and the leader of China, Xi Jinping, admiring the garden at the spot where they are meeting. This happened just before they sat down for the meeting itself.

But this video is just coming out now and is part of the stagecraft of the two of them, who have spent a lot of time together in the last two days. Also getting a chance to admire some of the beauty of China itself.

But right now, in terms of, Steven, can you talk to us about where they are, the significance of this particular location, why this was chosen?

JIANG: Yes, the setting is obviously a very deliberate choice. Remember when Trump came here last time in 2017, he was given a private tour of the Forbidden City. That, of course, is the world's biggest ancient palace, a symbol of the seat of power of ancient China. But this time, this garden, Zhongnanhai, is right next to the Forbidden City. But this is a leadership compound, heavily guarded, very secretive, because it's been the -- basically the headquarters of all the top leaders since 1950.

And that's -- but this is also a place not only where they work, but also where they live. So in that sense, Xi Jinping is almost opening the doors of his home to welcome Trump in. So that -- that's why there is that more intimate feeling, again, trying to highlight the closeness of this personal relationship. But Trump, of course, is not the first U.S. president to be in Zhongnanhai. Historically, there were a few others who have been here, starting with Nixon actually and George W. Bush, and most recently, Obama 12 years ago.

So this is, again, Chinese leadership message about taking American presidents to the seat of power in today's China. So from Ancient China to today's China, that symbolism there is also quite interesting. But this compound, of course, is known more for its traditional architecture, its scenic lakes. But underneath all the serenity and tranquility, of course, as a lot of issues they need to still work out, as we were talking about, Elex, including, for example, any more signable agreements that were announced, especially when it comes to China's purchasing agreements or commitments to American products, including agricultural products and Boeing jets as the president has said himself -- Elex.

[00:10:05] MICHAELSON: Thank you so much, Steven Jiang.

We just looked at President Trump, what he was saying, that this is very nice. This is beautiful. As we know, the Chinese leader is not one to take questions in that sort of situation. So we don't see the typical back and forth that President Trump would usually have with reporters there as a sign of respect for the Chinese leader. That may be different when the two of them are together in America in September. But right now, that meeting is going underway behind closed doors. It will be interesting to see throughout the hour if we get any updates from inside in terms of what is being discussed.

We want to bring in somebody who knows a thing or two about meeting with Xi Jinping. Jerry Brown has met with him multiple times. He was the first governor of a United States' state ever invited to China for such an honor. Brown served a record four terms as the governor of California. He's currently the chair of the California-China Climate Institute at UC Berkeley.

Governor Brown, welcome back to THE STORY IS.

JERRY BROWN, FORMER CALIFORNIA GOVERNOR: Well, good to be here. I always enjoyed the show and talking to you guys.

MICHAELSON: Thank you very much. So we are watching this breaking news unfold in real time. Your take on this trip, the importance of it, and what you're seeing so far.

BROWN: Really important. It's been a long time since an American president went to China. Biden didn't go. Obama had some long meetings with Xi, but the key point is the relationship between China and the United States is the most important in the world. Number one, so we avoid war, which would be a horror. Secondly, the whole economic system of the world is dependent on China and American cooperation, not complete, but enough to keep the system on an even keel.

And then, of course, we have the climate, which President Trump is not going to talk about. And then the other major overarching topic is the nuclear arms race and the danger that through miscalculation or some blunder, that nuclear weapons are discharged. And that's a real problem that takes collaboration by our two countries, and probably not on this trip, but it's very high in priority.

MICHAELSON: Well, those are all your big issues. Let's go through them one by one. Let's start with the nuclear issue. You are the chair of the Bulletin of the Atomic Scientists, which is focused on the nuclear issues. We just heard President Trump talk about Iran. He says the reason that he launched the war with Iran was to prevent Iran from getting a nuclear weapon.

Do you think that this war with Iran was worth it to do that?

BROWN: No chance. It was a -- it was a stupid war. It was a cruel war. It's had horrible outcomes for the people who were getting bombed, for the world that's suffering because of the closing of the Straits of Hormuz. But more importantly, so Iran doesn't have a nuclear bomb. They may get one, but the biggest bombs are being built by China right now. They built 100 nuclear warheads in the last year.

America is full speed ahead on submarines, airplanes, intercontinental ballistic missiles, same with Russia. The big problem is not the few bombs that Iran may or may not get. That is a problem, and I sure hope we can prevent it. But the big -- the big challenge is Russia, the United States and China in this heated competition where something could go wrong and millions of people could die and the world could be profoundly affected.

MICHAELSON: You are also the chair of the California-China Climate Institute at UC Berkeley. You have met with Xi, and one of the big things you talked about with him multiple times over multiple years is the climate issue.

Are you disappointed that the climate is not being talked about, and what are the consequences of that?

BROWN: Well, Trump has always been a saboteur when it comes to climate. He doesn't believe it. It's a hoax. But he's dead wrong. The scientific consensus, it's serious. It's getting more serious. I will tell you, when I met with President Xi, he said very strongly that we will meet the Paris commitments that China has made, and they've done that. They've gone. I mean, they're the world's largest producer of renewable energy.

They are reducing their emissions, even though they're the world's biggest polluter. They're responsible for a third of the emissions. But they're committed. They're doing something about it. America is AWOL. And we're playing hooky. And that's all because of Trump and his Republican acolytes. And we'll pay a price for that. It will be, I estimate, somewhere between $1.5 trillion and $2 trillion that Trump and the Republican Congress have cost us by destroying wind and solar, reducing emissions controls that we're going to have to bring back.

[00:15:06]

I have no doubt that all the controls that Trump has taken away, all the investments that he's killed, are all coming back. The only difference is it'll cost another $1 trillion or $2 trillion to catch up.

MICHAELSON: You are one of the few people that knows what it's like to meet with President Xi. What's he like in a meeting when the cameras go away? What's that dynamic like? Give us some insight. Bring us inside the room.

BROWN: Well, it's hard to read that expression. I mean, you can look, and look, but what he's thinking, how he sees the world, we don't know. We only know what he says. He definitely exudes a level of confidence. He's a man who knows what he wants. He knows where he's going. And I think he has a sense of patience, a strategic patience. So I get that. And what I was most impressed when he said he's going to meet -- I asked, and we talked about climate.

And when he said China will meet its commitments, I was feeling something very strong coming out of President Xi. So he's not someone to be taken lightly. This is a very formidable person, and America has to focus on getting its own act together. We can't destroy the electric car industry and the renewable energy industry and all of the climate regulations. While China does the exact opposite, and the world, in Europe and Canada and many parts of Asia, they're all moving in one direction.

America is the odd man out. We're going elsewhere, and we're going to have to come back. And it's going to be painful, and it will be difficult.

MICHAELSON: You were the first governor to meet with -- or with Leader Xi. The second was Governor Gavin Newsom, who followed in your footsteps in there that way. He is now term limited, and there's about to be a new governor. Ballots are out in California. Who are you voting for for governor?

BROWN: I know you're going to ask that question. And to tell you the truth, I haven't made up my mind yet.

MICHAELSON: You haven't made up your mind?

BROWN: This is serious -- no, I have not.

MICHAELSON: And --

BROWN: My wife and I were talking about it tonight.

MICHAELSON: Because you appointed Xavier Becerra as the attorney general of the state. You're not supporting him?

BROWN: I have told you, I haven't made up my mind. I know all these guys, and they all have strengths. But it's a close call, so maybe ask me in a few weeks. But as of tonight, no, I'm not ready to say, or even to decide. By the way, Newsom hasn't endorsed nor has Nancy Pelosi.

MICHAELSON: Well, and to that point, Governor Newsom, I don't know if you saw this today, was talking about the fact that he hasn't endorsed. He held a press conference and he talked about you. Here's what he said.

(BEGIN VIDEO CLIP)

GOV. GAVIN NEWSOM (D), CALIFORNIA: I was in a similar position with a similar stubborn governor that refused to get involved. I developed tremendous animus towards him. And now I offer forgiveness.

(END VIDEO CLIP)

MICHAELSON: So the governor offering forgiveness for you, when he was asking you when he was lieutenant governor for an endorsement and you didn't give it to him. What's your response to that?

BROWN: Look, I knew Mayor Villaraigosa. He was a friend of mine, and you know, getting endorsements is a fool's errand. You may irritate this one. It doesn't always work. Yes, I could have endorsed, but I stay out of it more than I get in it. And to tell you the truth, to be perfectly honest, I like to run myself. I find it a little hard to get behind other people instead of myself. That's just being honest.

MICHAELSON: That was the most Jerry Brown answer. Well, appreciate that at the end there. Do you accept Governor Newsom's forgiveness?

BROWN: I -- this is not a matter of sin. So there's no forgiveness on offer. This is just good. He's been a good governor. He's followed up on climate. He met with President Xi, and Newsom in California, and my climate institute are all working to further the common objective of keeping our climate in a livable level. That's what we're doing.

MICHAELSON: Jerry Brown, who served as governor longer in California than any other man. His father served as governor for two terms as well, has not decided who he's picking to be the next governor. But hopefully we'll have you back on the show and you'll let us know in a few weeks.

Governor, thanks for coming on with us. Really appreciate it. And I appreciate your unique insight on this historic night.

BROWN: Great, great as always.

MICHAELSON: Thanks so much.

[00:20:00]

Ukraine is reeling from Russia's largest drone barrage since the war began. But the Ukrainian president is making it clear his country won't let that slide. That story coming up after a break.

(COMMERCIAL BREAK)

MICHAELSON: A U.S. delegation held talks with Cuban officials in Havana on Thursday as tensions between the two countries continue. Leading the U.S. delegation, CIA director John Ratcliffe, who met Cuban intelligence officials from the Ministry of the Interior. Cuba says their side stressed that Cuba is not a threat to the U.S. They also objected to being listed as a state sponsor of terrorism, arguing that there is, quote, "no legitimate reason to label Cuba as such."

[00:25:06]

The island nation still suffers from a worsening energy crisis as the U.S. continues its oil blockade. That's caused rolling blackouts across the island, with hardships causing unrest. President Trump previously signaled that he is willing to open discussions with Cuban government, but did not elaborate on what those talks would entail.

Ukraine's president says his country is preparing for a response after an onslaught of Russian strikes on Wednesday and Thursday, Moscow launched its largest two-day barrage since the war began, killing eight people and leaving more than 40 injured across Ukraine. Friday is a day of mourning in Kyiv, where most of the fatalities happened.

Nick Paton Walsh reports from Kharkiv, a city that also took a major hit.

(BEGIN VIDEOTAPE)

NICK PATON WALSH, CNN CHIEF INTERNATIONAL SECURITY CORRESPONDENT: A particularly huge Russian assault on Ukraine in the last 24 hours. The sirens just going off again here in Kharkiv and the street cleaners here to wash the blood off the streets injuries here in Kharkiv. But the larger toll in the capital of Kyiv, 1500 just short of drones fired in the last 24 hours, over 50 missiles and the whole side of a residential building torn down in Kyiv.

Dozens rescued from that site. Already, children already among the injured. And as President Trump visits China, Ukrainian officials pointing to an onslaught like this as a reminder that Russia's offer of a limited ceasefire in the last week isn't a reflection of them actually wanting peace. Ukraine's interceptor drones able to take some of the damage out of these assaults, but ultimately still the threat of constant Russian bombardment, particularly in these horrific images that we're now seeing emerging from Kyiv, that rubble being combed through as the toll of injured and dead rises, a sign of how much Ukraine continues to endure despite just right now having technological advantages in drone warfare than much of the world is comfortable.

Nick Paton Walsh, CNN, Kharkiv, Ukraine.

(END VIDEOTAPE)

MICHAELSON: The U.K.'s health secretary has stepped down, citing a lack of confidence in Prime Minister Keir Starmer's leadership. In his resignation letter, Wes Streeting said he believed continuing to work for the government would be, quote, "dishonorable and unprincipled." He cited Labour losses in recent elections in England, Scotland and Wales which, as he put it, left nationalists in power in every corner. He said there could ultimately threaten the breakup of the United Kingdom. Some speculate that Streeting might challenge Mr. Starmer for leadership of the Labour Party.

We'll get back to our breaking news coverage of the Beijing summit just ahead. Elon Musk is going viral as he and other business leaders descend on the Chinese capital. That is next.

(COMMERCIAL BREAK)

[00:32:29]

MICHAELSON: Iran is closely watching President Trump's visit to China, one of Iran's most powerful partners. Tehran is looking to Beijing to help mediate and end the conflict with the U.S..

Our Matthew Chance and his team are in Tehran with the view from the Iranian capital. We'd like to note CNN operates in Iran with the permission of the government, but maintains full editorial control of its reports.

(BEGIN VIDEOTAPE) MATTHEW CHANCE, CNN CHIEF GLOBAL AFFAIRS CORRESPONDENT: Well, as you can see, it's a bustling capital of the Islamic Republic. But Iranians today are watching President Trump in China, one of their most implacable enemies, meeting a powerful friend. And with the Iran war so high on the agenda in Beijing, state media is almost gloating at the spectacle. One headline I saw earlier saying that Trump's visit to China is in the shadow of failure and stalemate.

But the truth is, both the United States and Iran are now looking to China, it seems, as a way out of their deadlock. The ongoing closure of the Strait of Hormuz, the inability to agree a compromise on Iran's nuclear activities. Washington, of course, wants Beijing to pressure Tehran to accept its terms. But here officials are calling on China, the Islamic Republic's most important trading partner, to mediate a favorable end to a damaging war.

Matthew Chance, CNN, in Tehran.

(END VIDEOTAPE)

MICHAELSON: So the breaking news that is happening right now, President Trump is meeting for a second day with Chinese leader Xi Jinping. President Xi is hosting a working lunch right now at the Communist Party Leadership compound in Beijing. Sort of China's version of the White House.

We've already seen a bit of a warning from Xi to the U.S. not to mishandle the situation with Taiwan. Secretary of State Marco Rubio says U.S. policy on that issue has not changed. Here's what President Trump said about negotiations with his Chinese counterpart.

(BEGIN VIDEO CLIP)

TRUMP: But he's all business. He's -- at the end, there's no games. There's no talking about how nice the weather is. Let's look at the stars. Let's look at the sun. You know? No, he's all business. And that's -- I like that. That's a good thing. No games.

(END VIDEO CLIP)

MICHAELSON: President Trump talking with Sean Hannity in China there. A bit of a different approach for President Trump when he's in a meeting. President Trump and Xi are also discussing the global energy crisis as more ships cross into the Strait of Hormuz.

CNN's Kristie Lu Stout live in Hong Kong.

[00:35:02]

Kristie, we saw President Trump just at the top of this hour bring up the Strait of Hormuz and the craziness that's happening there. What are we seeing and what are we seeing in terms of oil prices right now?

KRISTIE LU STOUT, CNN CORRESPONDENT: Yes, the price of oil is in focus today with more oil tanker crossings through the Strait of Hormuz, as well as the talks underway in Beijing between the U.S. president Donald Trump and Chinese leader Xi Jinping.

Now, according to the White House, both leaders agreed the Strait of Hormuz must be open. And according to Donald Trump, he's saying that China will buy American oil. Watch this.

(BEGIN VIDEO CLIP)

TRUMP: So what has happened, and one thing I think that we're going to make a deal on, is they've agreed they want to buy oil from the United States. They're going to go to Texas. We're going to start sending Chinese ships to Texas and to Louisiana and to Alaska. And I think that was another thing that was agreed to. That's a big thing.

(END VIDEO CLIP)

STOUT: Now, it's important to note that China has yet to confirm that energy purchase that Trump mentioned just now. Now we continue to monitor the price of oil. They did close a little bit flat on Thursday, but since those comments, they've been on the rise. There you're looking at Brent crude oil, the global oil benchmark, is now trading higher, more than 1 percent higher. One and a quarter. It's now trading at $107.04.

We're also keeping an eye on average gas prices in America. They continue to be at elevated levels, according to AAA. They're now at $4.53 a gallon. We're also meanwhile monitoring Marine Traffic Data because since Wednesday evening, about 30 vessels managed to cross through the Strait of Hormuz, among them oil tankers flagged by Japan, as well as China. And this is significant. Thirty is a big number during the war.

But in comparison to pre-war levels, it pales in comparison. Before the war, some 140 vessels would be crossing through this critical waterway, and one economist drew a direct line between this spike in wartime Strait of Hormuz tanker crossings and the talks that are underway in Beijing.

I want to share with you what an economist at Matador Economics said. He said this, quote, "Many are wondering if Iran is allowing these ships to pass to not tip the scales of the talks away from China's protection of Iran," unquote. Remember, China is very close to Iran and is the main buyer of Iranian oil. Still, there have been a number of maritime incidents taking place. In fact, one ship was seized off the coast of the UAE and then steered toward Iran.

And the Indian government is condemning an attack on a container ship that was laden with farm animals that came under attack and sank off the Coast of Oman. And it's just a reminder that this is still, despite the ceasefire, a very kinetic war zone that for hundreds of vessels and tens of thousands of seafarers, it remains a very, very perilous region.

Back to you, Elex.

MICHAELSON: Yes. Not the kind of headline that President Trump wants while he's in the meeting with Xi as well. Kristie Lu Stout in Hong Kong, thank you very much.

STOUT: Thank you.

MICHAELSON: Let's talk more about the business aspect of this trip. Michelle Toh used to work at CNN's Hong Kong bureau with Kristie Lu Stout. Now she is the host of "Behind the Business" podcast and now based here in Los Angeles.

Michelle, welcome to THE STORY IS for the first time. Great to have you here.

Thank you so much for having me. It's great to be with you.

MICHAELSON: So a lot of big business leaders there, the biggest potentially is Jensen Huang, who is the leader of Nvidia. Basically the big chip maker that's at -- that China really wants those chips. We just heard from him a few moments ago. We're just getting this sound in. Let's listen together.

(BEGIN VIDEO CLIP)

JENSEN HUANG, NVIDIA CEO: I think this is one of the most incredible economies in the world. Incredible innovation. This is also one of the major nations advancing A.I.. I think you're doing great. China is doing great.

TIM COOK, APPLE CEO: Yes, I think it's very strong. I think that people are very excited about A.I. and new technology here and embrace it very readily. And I couldn't be more excited about it.

(END VIDEO CLIP)

MICHAELSON: Isn't it ironic when we looked at Tim Cook right there from Apple, that somebody didn't have an iPhone and could have shot him better?

(LAUGHTER)

MICHELLE TOH, JOURNALIST AND HOST, "BEHIND THE BUSINESS" PODCAST: That's very good.

MICHAELSON: If only they had an Apple product to shoot him better. But let's talk about Nvidia. Jensen Huang was a last-minute add to this. What are they looking to get out of this? What do we know in terms of deals?

TOH: Yes. You know, just to set the stage here a little bit, Alex, you know, these CEOs really came out, as you can imagine, to win business and unlock parts of the Chinese market that have been shut out to them recently. Right? And I think Nvidia is a really big one. The biggest wig of all the big wigs, if you will, getting attention here. Because obviously for Jensen, no other company or leader better exemplifies this push and pull between the U.S. and China right now.

[00:40:02] Despite there actually being other chip CEOs on board, like the leaders of Qualcomm and Micron, Jensen is the walking, talking symbol of the A.I. race, having faced restrictions on both sides, actually, that a lot of people don't always talk about.

We all know, as you mentioned, he was a last-minute add to the roster there, which generated some headlines. And on top of that, he's kind of seen as this global rock star right now in the world of business with his company headed for an unprecedented $6 trillion market cap was the news today, which is the world's highest valuation. So essentially all eyes are on Jensen anyway. But, you know, in terms of deals, one thing that's really notable here is, you know, Nvidia is seeking a breakthrough when it comes to one of its most advanced chips, known as the H-200.

This is an A.I. chip. It's very important. And there's a lot at stake here for Nvidia because at one point China accounted for as much as 20 percent of revenue overall for Nvidia. But in the last few years, as you well know, it's faced export restrictions on some of the chips over national security grounds that were laid out here in the U.S., which the U.S. has since lifted. But there actually have still been roadblocks from the Chinese side on imports, although there's not always a lot of visibility when it comes to where that's at right now. Currently, no real breakthrough is what we're seeing with Nvidia, but we're all hopeful.

MICHAELSON: Yes. Meanwhile, Elon Musk is also there. The world's richest man. I think we just saw some video of him getting some attention for just the way he's taking selfies and looking at stuff, but also Elon Musk is a big player in China and has been for a long time.

TOH: Yes, he has a very storied history in China. You know, this is someone who knows very well how to play diplomat in China. I think we were talking about this just before we got on. But over the years he's built up really strong relations with the Chinese officials because he's built this huge Tesla gigafactory in Shanghai, which is a major production hub and export hub for Tesla under conditions that were very preferable.

And I should note actually virtually unheard of for any foreign automaker in China until that point. So I think it's really notable that he's there. Now, of course, he is opposed to the idea of decoupling from China. He's come out and said that many times, and he's been so excited personally about the opportunity that I actually read his 6-year-old son is personally learning Mandarin right now.

MICHAELSON: Another big important country -- company in all this is Boeing. What do we know in terms of a potential deal with the large plane-maker?

TOH: Yes. So, you know, we saw that China actually today there was news out, according to President Trump on FOX News, that China has agreed to buy 200 Boeing jets. And this is significant because China has not actually been buying a lot of aircraft from Boeing in recent years amid this political backdrop, choosing instead more to go with the other big player. Right? Europe's Airbus.

Boeing CEO Kelly Ortberg, he is on the trip, and he has been open about the fact that they are out-chasing a deal here. He openly said on a call with analysts last month that this visit is a big opportunity for Boeing. And what I thought was interesting, Elex, is that he cautioned, though, that any deal is 100 percent dependent on the U.S.-China negotiations.

MICHAELSON: Meanwhile, big picture, we look at all the companies that are there, the big takeaway when it comes to business on this trip.

TOH: Yes. You know, I think that this really summit has shown us that there's a lot more work to be done. So many different sectors here. Right? I looked at the list just now, almost 20 CEOs flew out with President Trump. So certainly a show of -- a big show of support, a big show of force. And I think it's a reminder that fundamentally the U.S.-China relationship is a business one.

MICHAELSON: Yes.

TOH: Right? And the stakes couldn't be higher. And, you know, as of now, at least as we mentioned, there's been no big sweeping breakthrough announced. There has been some progress in areas, you know, even before this, for instance. One deal that got attention actually in the business press was that Ford did a landmark deal with CATL, which is the Chinese EV battery giant.

And that has been hailed as a rare example of U.S.-China cooperation these days. I mean, imagine that. So, you know, the big picture, though, I think, is that Chinese investment in the U.S. has slumped, including a slowdown in direct investment in the country and even IPOs on Wall Street. We're seeing it basically all over. And, you know, Chinese EVs are another specific sector that's still pretty much locked out of the U.S. market, with long standing 100 percent tariffs.

So I think the big picture is that there's a lot more work to be done here. And what made this summit different from previous ones is that it's not just about tariffs anymore. It's about A.I., it's about aviation. And really, if you think about it, the very future of global business.

MICHAELSON: And a reminder that these are the two biggest economies in the world and that they need each other for business. I mean, it is quite remarkable if you think about all the biggest business leaders in the world got on that plane. It shows how important that Chinese market is as well.

Michelle Toh, "Behind the Business" podcast, congratulations on your success. Great to have you here.

TOH: Thank you so much.

MICHAELSON: Coming up here on THE STORY IS, we are going to be talking about why U.S. Secretary of State Marco Rubio is going viral for multiple different things in China.

[00:45:10]

Plus, what he said about Taiwan tonight. Stay with us.

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MICHAELSON: Welcome back to THE STORY IS. I'm Elex Michaelson. Let's take a look at today's top stories.

President Trump is meeting with Chinese leader Xi Jinping at this hour.

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The second and final day of talks in Beijing, they're having a working lunch at the Chinese Communist Party headquarters. President Trump says they're in agreement on a lot of issues, including Iran, and they've made a lot of trade deals for both countries.

Under a Supreme Court ruling, women in the U.S. can continue to access the popular abortion drug mifepristone by mail and telehealth visits for now. Justices sent the case back to the state courts in Louisiana, where officials are pushing to limit the drug to in-person prescriptions. The case could ultimately make its way back to the U.S. Supreme Court.

FIFA has announced the headliners for the halftime show at the World Cup Final. Madonna, Shakira and the K-Pop sensation BTS are set to perform in what will be the first such show in tournament history. But the halftime break in soccer can't be longer than 15 minutes, so it's unclear if the rule will be changed to accommodate that show.

On this trip to Beijing, Secretary of State Marco Rubio is going viral. One reason why is how he reacted to the ceiling in the Great Hall of the People. We were watching this live with you last night here on THE STORY IS.

Will Ripley is in Taipei, Taiwan, following all the viral reactions -- Will.

WILL RIPLEY, CNN SENIOR INTERNATIONAL CORRESPONDENT: Hey there. Yes. So before I get to the viral memes, and there are aplenty, Elex, I just wanted to mention what Marco Rubio said about Taiwan, which was very reassuring for the officials here. You know, yesterday we talked about the fact that the best news coming out of the summit would be no surprises. And lo and behold, this is the headline. "No Surprises at the Summit."

So they're keeping their fingers crossed that that continues with these closed door meetings. Marco Rubio saying that U.S. policy on Taiwan remained unchanged, saying that a forced change would be bad for both sides, for the U.S. and China, and certainly here in Taiwan as well. And he reiterated, you know, America's long standing position. That's what apparently happened behind closed doors. And then they moved on to other topics.

But what people are really talking about here in Taiwan and around the world is Marco Rubio's reaction when he walked into this ornate room at the Great Hall of the People. Within literally seconds of this appearing on television, Elex, the meme flood began.

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RIPLEY (voice-over): Before the talks in Beijing even began, this became one of the most talked about moments of the summit. U.S. Secretary of State Marco Rubio, seemingly mesmerized by the massive chandeliers and ornate ceiling decorations inside Beijing's Great Hall of the People. Right away, a flood of memes mocking Rubio for comparing decorating ideas with Defense Secretary Pete Hegseth.

"Is he getting inspiration for Trump's White House ballroom?" "Rubio knowing he'll have to do the White House ceilings when they get back." And this, "Marco Rubio finding out he has to become the new president of Venezuela," a nod to Rubio's now viral gray Nike tracksuit aboard Air Force One, the same style many online users compared to the tracksuit worn by Venezuelan leader Nicolas Maduro after his arrest earlier this year.

UNIDENTIFIED REPORTER: What's the context for that?

MARCO RUBIO, U.S. SECRETARY OF STATE: There's no context. It's a nice suit. I mean, I like it, it's comfortable.

UNIDENTIFIED REPORTER: It was the same one Maduro was wearing.

RUBIO: It is. But you know what? He copied me because I had it before.

RIPLEY (voice-over): President Trump keeps handing Rubio more jobs. Secretary of State, National Security adviser, acting U.S. aid chief, temporary archivist, which has helped turn Rubio into an online punchline. The secretary of everything, Marco Rubio finding out he is now the DJ at your wedding. DJ Marco on the ones and twos on AF1. Poking fun at this viral video posted by White House adviser Dan Scavino, Rubio deejaying a family wedding. And Rubio riffing on Cypress Hill lyrics while talking about Iran's leadership.

RUBIO: The top people in that government are, to say the least, you know, they're insane in the brain. They should check themselves before they wreck themselves.

RIPLEY (voice-over): More memes. "Rubio after finding out he needs to be the supreme leader of Iran in 72 hours, hashtag World War Three." And on a much lighter note, "Rubio as the Easter Bunny."

TRUMP: Who likes Marco Rubio? All right.

RIPLEY (voice-over): At the Rose Garden, even President Trump making jokes about a future dream team ticket. With Vice President J.D. Vance and Rubio with the VP back in D.C., Rubio is breaking the internet from Beijing, which is especially awkward because technically China still has him sanctioned.

(END VIDEOTAPE) RIPLEY (on-camera): Yes, Beijing sanctioned Rubio back in 2020 as a U.S. senator when he was known as a China hawk, he was criticizing China's human rights record. So he's on the blacklist and still technically is. So there's this viral speculation online in China right now, Elex, that they changed the Chinese spelling of Rubio's name by one character to quietly let him in as the secretary of state.

Now, Steven Jiang, our Beijing bureau chief, was telling me that actually Chinese officials have used different translations of Rubio's name for years. And Beijing had been signaling that those sanctions applied to Rubio, the senator, and not Rubio, the diplomat.

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But, yes, it's interesting how he's kind of emerged as the meme star of this. It'll be interesting to see how President Trump reacts to all of it, too.

MICHAELSON: And you showed him at the White House briefing room when he was filling in as the press secretary for a day when Karoline Leavitt was out on maternity leave.

RIPLEY: Right.

MICHAELSON: So add that as another job for Marco Rubio as well.

All right, Will Ripley, thank you so much.

RIPLEY: Secretary of everything.

MICHAELSON: Exactly. Well done.

Stay with us. THE STORY IS continues right after the break. In the next hour, we expect to see the president leave China and try to find out more about what's happening in that meeting right now. Our coverage continues after this.

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