The geopolitical high wire American business leaders are tiptoeing today runs between Hiroshima and Shanghai. In Hiroshima last week, G7 leaders gathered to agree on a China “de-risking and diversifying” strategy. Yet some of the U.S.’s most powerful business leaders are visiting Shanghai this week to protect and expand their Chinese business interests. 

The case of Elon Musk visiting his Shanghai Tesla plant is the most straightforward: China is Tesla’s second largest market; its factory there is the electric carmaker’s largest production hub. Tesla already cut its prices this winter to protect its market share in China; letting China’s foreign minister politicize Musk’s visit is another price to pay.

Jamie Dimon, CEO of JPMorgan, has similar reasons to straddle Sino-American tensions. A few months ago, he was helping Washington contain a domestic banking crisis. Today, he is in Shanghai, convening a conference. That JPMorgan earned approval to fully own its Chinese mutual fund earlier this year—unlocking a multi-trillion dollar market in the process—is a likely reason to prominently gather there.  

Then, there is perhaps an even more mundane factor in American business leaders deciding to overtly retrace Henry Kissinger’s China visit: it’s been a while since they were last there. (By the way, Kissinger, at 100, is one of the speakers at Dimon’s Shanghai conference today, albeit virtually.) This spring marks the first time in three and a half years that China is somewhat accessible to foreign visitors. Even my former employer, the World Economic Forum, is returning to China in less than a month for its annual China summit.

Such visits may not halt the “de-risking” on both sides, especially when it comes to sectors related to national security, like advanced semiconductors, and as relations between political leaders remain frigid. But the thaw that President Joe Biden alluded to in Hiroshima may indeed materialize for business leaders who can pull off the China-U.S. balancing act—with profits as a reward.  

More news below.

Peter Vanham
peter.vanham@fortune.com
@petervanham

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This edition of CEO Daily was curated by Nicholas Gordon.