US Treasury Secretary Meets Chinese Vice Premier

The talks come as the U.S. maintains a blockade on Iranian shipping, keeping the Strait of Hormuz closed. China imports about a third of its oil and gas through this waterway, and Chinese officials have demanded it be reopened. The blockade stems from the ongoing conflict with Iran, which has involved bombing campaigns and ballistic missile threats.

“I spoke with China's He Lifeng about the Trump-China trip today.”

The U.S. delayed the trip six weeks ago, expecting a quick resolution to the Iran conflict. Administration officials had hoped the conflict would demonstrate U.S. power ahead of rapprochement efforts with China. However, the prolonged war has led to rippling economic effects, making it a primary topic for the Beijing meeting.

The standoff has impacted physical oil flows, with Tehran's energy exports collapsing. Brent oil contracts traded within a $13 range today amid the tensions. Separately, U.S. markets saw mixed performance, with the Dow Jones Industrial Average rising 731 points to 49,593, driven by gains in industrials.

European leaders have been urged to stop interfering in efforts to address the Iran nuclear threat. The U.K. Ministry of Defense released footage of British troops sheltering from Iranian ballistic missile threats in the Middle East. Chinese officials have warned of a return to the 'law of the jungle' in global affairs, without direct reference to Iran.

“Trump’s Treasury @SecScottBessent just had a straight-talk meeting with China’s Vice Premier: Told them their latest “provocative” regs are screwing global supply chains." — @MarioNawfal The meeting highlighted concerns over regulations affecting global supply chains. The U.S. president's trip is set for a two-day visit starting May 14, with the Iran war's economic effects expected to dominate discussions. The conflict has disrupted assumptions about a swift resolution, complicating U.S. strategy toward China as a competitor.”