Iran War Set to Dominate Trump-Xi Summit Agenda

CNBC reported Thursday that the ongoing Iran war is expected to dominate the upcoming Trump-Xi summit, leaving pressing commercial disputes over tariffs and rare earth supplies with little room on the agenda.

The meetings between President Donald Trump and Chinese President Xi Jinping are scheduled for May 14 and 15 in Beijing. Treasury Secretary Scott Bessent has confirmed Iran will feature prominently in those discussions.

Iran Conflict Reshapes the Summit’s Priorities

Beijing’s recent hosting of Iran’s foreign minister added fresh momentum to peace speculation. That diplomatic move briefly lifted equity markets and pushed oil prices lower. But fresh exchanges of fire in the Strait of Hormuz have since clouded the outlook. A Chinese-owned oil tanker was also reportedly struck, according to Chinese media, though CNBC could not independently verify that claim.

Analysts and executives familiar with the summit’s structure say Iran’s centrality was always likely to compress the trade agenda. Hai Zhao, director of international political studies at the Chinese Academy of Social Sciences, told CNBC that resolving the conflict would represent a major diplomatic achievement and would provide immediate relief for global business confidence.

U.S. Business Delegation Smaller Than Expected

The American business presence at the summit may be notably scaled back. Washington declined a Chinese invitation to arrange sector-specific meetings between U.S. chief executives and senior Chinese officials, over concerns that proximity to Beijing could prove politically damaging. As of mid-week, formal White House invitations to executives had not been issued, and an initial list of roughly two dozen leaders was expected to shrink by half.

CEOs from Boeing and Citigroup are among those anticipated to attend, according to two separate sources cited by CNBC. The contrast with Trump’s Saudi Arabia trip last May is stark. That visit drew more than 30 American executives. During Trump’s first-term Beijing visit in 2017, nearly 30 CEOs joined him, signing deals worth over $250 billion.

Background: Trade Tensions and Tech Disputes

Both governments have recently pulled back from escalating confrontation over sanctions and technology, while edging toward cooperation on AI security risks. Analysts at the Center for Strategic and International Studies anticipate Trump will still pursue agreements on Chinese purchases of U.S. soybeans and Boeing aircraft. Discussions around new bilateral trade and investment “boards” to manage ongoing disputes are also expected.

Michael Hart, president of the American Chamber of Commerce in China, noted that Chinese officials have grown more cautious about engaging U.S. businesses since American military operations began earlier this year. Visible Trump-Xi rapport could help reverse that wariness, he told CNBC.

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