Trump heads to Beijing for Xi summit as inflation fears rise

Donald Trump headed to Beijing for a summit with Xi Jinping as the White House tried to balance a fragile push for stability with China against the economic shock spreading from the Iran war.

China said Trump will pay a state visit from May 13 to 15 at Xi’s invitation, with the summit expected to run May 14 to 15 in Beijing. It is Trump’s first trip to China since 2017 and the first visit by a U.S. president there since that year. White House officials said the program will include an opening ceremony and bilateral meetings.

The visit comes with unusual pressure on both leaders. Reporting says Trump plans to raise the Iran war directly with Xi, alongside trade and Taiwan, as Washington looks for a way to contain fallout that is now showing up in American prices. A new inflation report expected Tuesday was forecast to show U.S. consumer prices rose for a second straight month in April, which would mark the biggest annual increase in more than 2 1/2 years and reinforce expectations that the Federal Reserve leaves interest rates unchanged for now.

The timing matters for the administration’s wider economic strategy. Economists have warned that the Iran war has already pushed gas prices above $4 a gallon and lifted inflation to its highest level in nearly two years. The Federal Reserve has also warned that higher oil prices and supply-chain disruptions could make inflation more persistent and delay rate cuts, a message that has only grown more urgent as consumers absorb another month of higher prices.

For Trump, the immediate need is not a sweeping reset with Beijing but a workable truce on the issues that can make the domestic picture worse. Washington needs China to keep trade channels open, avoid escalating supply-chain disruptions, and stay engaged on diplomacy as the Iran conflict ripples through energy markets and global shipping. Beijing, meanwhile, can make life harder by tightening commercial pressure or simply withholding cooperation on the crises that now overlap.

China also has leverage. Trump’s return gives Xi a chance to show that Beijing remains unavoidable on trade, energy, and security. The United States still has leverage of its own through market access, tariffs, and military power, but the inflation reading expected in Washington and the oil shock emerging from the Middle East are reminders that the White House is arriving in Beijing with limited room to maneuver.