Trump Arrives in Beijing for Talks With Xi Jinping

President Donald Trump arrived in Beijing on May 13 for a state visit with Chinese President Xi Jinping. U.S. Air Force planes landed at Beijing airport ahead of the visit. Trump has said he will have extensive discussions with Xi regarding the Iran war. For the Trump administration, the more important question is what China can offer in the talks, according to the South China Morning Post.

Chinese traders in southern provinces expressed hope that the visit would bring tariff cuts and steps toward resolving disruptions caused by the Middle East conflict. A U.S. appeals court paused a ruling against Trump's 10 percent global tariffs. The visit tests a fragile tariff truce between the two countries.

A little over a year into Trump's tariff regime, studies have found that U.S. consumers have borne much of the cost.

Oil prices rose after Trump dismissed Iran's response to a U.S. peace plan. Brent crude jumped as much as 4 percent to $105.50 a barrel before settling at $103.50. " The president's rejection of Tehran's overture in a post on his Truth Social platform triggered a jump in Brent crude, according to The Guardian.

Iran's counter-proposal called for an end to the war, gradual reopening of the Strait of Hormuz, reparations for war damage, lifting of the U.S. naval blockade and 30 days of nuclear negotiations. It offered to dilute some highly enriched uranium, transfer the rest to a third country and halt enrichment for an unspecified period while refusing to dismantle nuclear facilities.

" He posted messages to Iran on Truth Social.

The standoff has driven the national average U.S. gasoline price to $4.49 per gallon. Trump told CBS News he wants to temporarily suspend the federal gas tax amid the price surge. The bond market has seen long-term yields rise sharply. The 30-year yield moved above 5.00 percent while the 10-year yield approached 4.50 percent.

Mortgage rates could rise above 7.00 percent if the trend continues. Inflation has jumped and oil prices have risen on the U.S.-Iran standoff.

The probability that the European Central Bank may need to raise borrowing costs due to the Iran war is rising, according to Bundesbank President Joachim Nagel. Film director Brett Ratner will join Trump and U.S. business leaders in China as part of the delegation.

Ratner previously directed Melania Trump’s self-titled documentary. As the standoff continues, China has provided only indirect support to Iran, a longtime partner, and has largely stayed on the sidelines while positioning itself for long-term global leadership.

Trump no longer pushes for systemic change in China's economy.