Trump heads to China summit
President Donald Trump is heading to China for a high-stakes summit with Chinese President Xi Jinping.
(NBC)- President Donald Trump is heading to China for a high-stakes summit with Chinese President Xi Jinping as tensions surrounding trade, technology and the ongoing conflict with Iran continue shaping global markets.
“I have a great relationship with President Xi,” Trump said before departing. “We’re doing a lot of business, but it’s smart business.”
While tariff tensions between the world’s two largest economies are currently paused, the two countries have not yet reached a broader trade agreement.
The war involving Iran is also expected to be a major topic during the meetings, with China remaining a major buyer of Iranian oil.
“They get a big percentage, 40% of their oil from Hormuz,” Trump said.
The president suggested that economic pressure surrounding the Strait of Hormuz could motivate China to encourage Iran to reopen the key shipping route.
“He’d like to see it get done,” Trump said, referring to Xi.
At the same time, Trump expressed growing frustration with negotiations involving Iran and questioned the stability of the current ceasefire.
“Right now, it’s on life support,” the president said.
Trump also criticized Iran’s latest peace proposal, calling it “garbage” and accusing Tehran of backing away from previous discussions involving enriched uranium.
“They said, you’re going to have to take it,” Trump said. “We were going to go with them, but they changed their mind because they didn’t put it in the paper.”
As the conflict continues driving up energy costs, gas prices across the country have climbed above a national average of $4.50 per gallon.
In response, Trump said he plans to pursue a temporary suspension of the federal gas tax.
“Till it’s appropriate,” Trump said.
The proposal would cut about 18 cents per gallon from federal fuel taxes, though Congress would need to approve the plan before it could take effect.
Some experts warn the move may offer only limited relief while reducing funding used for roads and infrastructure projects.
“It’s like you have a water main leak at your house,” Stanford University professor Marshall Bourke said. “Instead of fixing the leak, you’re gonna try to mop it up with paper towels.”
The summit in China comes as global leaders continue watching for signs of progress in both trade negotiations and efforts to prevent further escalation in the Middle East.
