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A group of oil tanks stores imported crude oil at Qingdao Port Crude Oil Terminal in Qingdao, Shandong Province, China, on April 12, 2026. For decades, Beijing has purchased most of Iran's sanctioned oil at heavy discounts. Iran has also provided China with a platform to conduct business in Chinese yuan, allowing it to bypass U.S. sanctions in the dollar system. Staff/Getty Images
It’s happening. The Chinese Ministry of Foreign Affairs hasconfirmed that the Trump–Xi summit will take place in Beijing from May 13 to 15, about a month later than originally expected.
The world will be watching closely. Although analysts don’t expect much because the chips-for-rare-earth-playbook remains the theme, a lot is at stake, especially when the Iran war ceasefire appears to be on “life support,” in President Donald Trump’s words.
