As the Trump-Xi summit draws closer, trade uncertainty still looms large

Econographics

May 7, 2026

Jessie Yin

Next week, US President Donald Trump and Chinese President Xi Jinping will once again walk the red-carpeted corridors of the Great Hall of the People. In the high-level talks that follow, they will discuss the tense relationship between the world’s two largest economies. And there is plenty to cover, especially on the economic front.

For one, the conflict in the Middle East, which initially prompted the summit’s postponement from early April to mid-May, continues to send shockwaves through global trade and US-China relations. Just last month, the US administration sanctioned five Chinese refineries for purchasing Iranian oil. Over the weekend, Beijing responded by invoking a Chinese law that protects firms across the country that continue to do business with these facilities, effectively defying Washington’s measures.