U.S. President Donald Trump indicated a potential delay to the upcoming Beijing summit with Chinese leader Xi Jinping, originally scheduled for March 31 to April 2, citing the need for China to help unblock the Strait of Hormuz before his visit. Trump stated, 'We may delay,' without specifying a new timeline, emphasizing that the two weeks leading up to the meeting were a 'long time' and that Washington wanted clarity on the issue beforehand [1]. Treasury Secretary Scott Bessent met his Chinese counterpart He Lifeng in Paris to discuss the summit, but Beijing has not yet confirmed the dates and typically announces such plans closer to their scheduled start [1].
The summit would mark the first visit by a U.S. president to China since Trump's last trip in 2017 and follows a one-year truce in the trade war agreed upon by the two leaders in Busan, South Korea, five months ago. That trade war had previously resulted in tit-for-tat tariffs reaching triple-digit levels [1]. Chinese top diplomat Wang Yi stated earlier this month that the agenda for the exchange was already 'on the table' [1].
Trump highlighted China's reliance on the Strait of Hormuz for oil, claiming that about 90% of its oil is sourced through the strait and framing Beijing's cooperation as a matter of self-interest. However, data from Rush Doshi at the Council on Foreign Relations and Nomura suggests that China has diversified its energy sources and built strategic reserves, with seaborne oil imports through Hormuz now accounting for less than half of China's total oil shipments and only 6.6% of its total energy consumption [1]. Satellite imagery indicates that Iran has continued to ship large amounts of crude oil to China since the outbreak of war late last month [1].
Both sides appear to be increasing pressure ahead of the summit. The U.S. has launched trade investigations into multiple countries over alleged excess capacity and forced labor issues. In response, China's commerce ministry criticized the Trump administration for 'abusing the Section 301 investigation process,' calling the probes 'extremely unilateral, arbitrary and discriminatory,' and formally lodged representations with Washington [1].
CONCLUSION
President Trump's remarks and the ongoing trade investigations signal heightened tensions ahead of the planned Beijing summit, with energy security and trade issues at the forefront. While Trump frames China's cooperation on Hormuz as critical, data suggests Beijing is less vulnerable than implied. The market is likely to remain cautious as both sides escalate rhetoric and actions in the lead-up to the summit.