The dollar surged to a one-week high amid Middle East tensions and higher-than-expected U.S. inflation of 3.8%, while the yen weakened despite Japanese intervention efforts, reflecting broader geopolitical and economic uncertainties affecting forex markets.
China orders firms to ignore US Iran sanctions, defying US enforcement efforts.
President Trump arrived in Beijing Wednesday to meet Chinese leader Xi Jinping amid global tensions over war, trade, and artificial intelligence, seeking deals on American food and aircraft while establishing a trade board to prevent escalating tariffs.
US and China hold brief trade talks in Seoul, lasting less than four hours, before leaders' summit.
Trump and Xi will discuss Iran, trade, and AI in their Beijing summit.
USD/JPY climbs amid external and domestic pressures, reaching 157.65 on Wednesday.
US and Chinese officials met in Korea to finalize the agenda for a summit between their leaders.
Trump visits Beijing seeking China's diplomatic pressure on Iran to finalize a ceasefire deal, though experts doubt a major agreement and Trump contradicts himself on whether Chinese help is needed.
Trump and Xi are discussing artificial intelligence for the first time at their summit, driven by intensified US-China rivalry and Anthropic's powerful Mythos model, though substantive agreements remain unlikely due to deep mutual distrust.
President Trump visited Beijing with Nvidia CEO Jensen Huang to advance trade negotiations, seeking Chinese market access for semiconductors and American goods while addressing geopolitical tensions over Taiwan and Iran amid domestic economic pressures.
US and Chinese officials held trade talks in Seoul led by Treasury Secretary Bessent and Vice-Premier He Lifeng, discussing soybeans, minerals, and Iran ahead of Trump's Beijing visit, marking the seventh negotiation round since Trump's tariff war resumption.
President Trump downplayed Iran differences with Chinese leader Xi before their Beijing summit, claiming Iran remains under control while seeking Chinese pressure to reopen the Strait of Hormuz and secure ceasefire terms.
China's major tech giants Alibaba and Tencent underperformed the broader market, falling 6.7 and 23.7 percent respectively this year, as investors worried their AI investments lagged smaller competitors like Zhipu and MiniMax, which surged over 300 percent.
Trump arrives in China for a reduced-ambitions summit as both superpowers remain distracted by the Iran conflict, with Trump's failed military strategy leaving Iran's nuclear program intact and China's critical oil supplies disrupted.
President Trump arrives in Beijing Wednesday for talks with Xi Jinping on Iran conflict, tariffs, and trade, accompanied by major US CEOs seeking to resolve friction over USD 525 billion in annual exports and secure a comprehensive trade deal.
The Supreme Court undermined Trump's tariff authority by blocking his "liberation day" announcements, eliminating his ability to rapidly impose duties and pressuring trading partners, while Congress grows restless ahead of midterm elections.
The US dollar extended gains Tuesday amid Middle East uncertainty, rising 0.35% to 98.30, though remaining near pre-Iran war levels as ceasefire prospects fade and oil prices stay elevated from US sanctions on Iranian ports.
China and the US began trade talks in South Korea ahead of President Trump's arrival in Beijing.
President Trump arrived in Beijing with major tech executives including Musk and Cook to negotiate trade concessions, technology disputes, and Iran support with President Xi, marking the first sitting US presidential visit to China in nearly a decade.
Trump and Xi will discuss Iran, trade, and AI in their Beijing meeting.
President Trump invited Nvidia CEO Jensen Huang to his China trip to negotiate trade deals on agriculture and semiconductors while maintaining a fragile trade truce with Beijing amid weakened domestic political leverage.
Trump visits Beijing as Iran war looms, seeking China's diplomatic help.
President Trump arrived in Beijing with sixteen corporate executives for talks with Xi Jinping focused on trade negotiations, Taiwan's status, and Iran's nuclear program, representing the first sitting US presidential visit to China in nine years.
President Trump departed for China to meet Xi Jinping, planning to request economic opening while accompanied by business leaders, amid ongoing US-China trade negotiations and discussions on Taiwan, tariffs, and fentanyl cooperation.
Trump will prioritize artificial intelligence discussions with Xi Jinping amid escalating U.S.-China tech rivalry, though substantive commitments remain unlikely due to deep mistrust and competing strategic interests over advanced AI capabilities and semiconductor access.
US and Chinese officials held exploratory talks at South Korea's Incheon airport Wednesday to prepare agendas for Trump and Xi's Beijing summit Thursday-Friday, with discussions covering trade, semiconductors, rare earths, and Iran.
US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng concluded three-hour trade negotiations in Seoul, preparing groundwork for an imminent summit between the world's two largest economies amid ongoing geopolitical tensions.
President Trump travels to China for a summit focused on trade, Taiwan, and Iran's Strait of Hormuz closure, with North Korea relegated to secondary status despite historical diplomatic importance between the two superpowers.
Trump faces an emboldened Xi in China with reduced US leverage due to the Iran war.
China’s Top Trade Negotiator Meets Lee Ahead of Bessent Talks
President Trump visits China for a three-day summit with Xi Jinping, addressing trade disputes, artificial intelligence governance, Taiwan's status, Iran's nuclear program, and Middle East tensions, accompanied by major American business and technology leaders.
President Trump downplayed Iran war differences with China's Xi Jinping before their Beijing summit, while seeking Chinese leverage to end the two-month conflict and reopen the Strait of Hormuz, though both leaders appeared intent on preventing the disagreement from overshadowing broader trade discussions.
USD/JPY rises as Middle East tensions boost US dollar demand amid rising oil prices.
The dollar strengthened as firmer-than-expected US inflation data pushed April core CPI to 2.8 percent, raising Federal Reserve rate hike odds to 28 percent, though broader risk appetite remained resilient amid upcoming Trump-Xi trade talks.
President Trump visited China for a three-day summit with Xi Jinping amid ongoing Iran conflict, discussing Taiwan arms sales, trade disputes, and regional tensions with Secretary of State Rubio and Defense Secretary Hegseth present.
Trump and Xi meet amid geopolitical tensions to negotiate major technology disputes, including AI chip exports, supply chain security, electric vehicle tariffs, and rare earth trade restrictions affecting both superpowers' economic competitiveness.
China and the US begin trade talks in Seoul ahead of a high-profile leaders' summit.
President Trump arrives in Beijing for a high-stakes summit with Xi Jinping, focusing on Iran conflict, trade negotiations, and artificial intelligence, amid rising tensions over Taiwan and China's geopolitical leverage from the Middle East war.
President Donald Trump arrives in China Wednesday for his first visit in nine years to meet with Xi Jinping, discussing trade, Taiwan, and Iran while bringing corporate executives to negotiate commercial deals amid superpower tensions.
President Lee Jae Myung hosted separate meetings with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Seoul on Wednesday, positioning South Korea as a diplomatic intermediary ahead of Thursday's Trump-Xi summit in Beijing.
China and the US held trade talks in South Korea, exchanging views on economic concerns.
Trump and Xi Jinping will discuss AI rivalry at their summit amid rising tensions and security concerns.
Japan's 20-year government bond yield climbed to its highest level since 1997, reaching 3.495% as elevated energy prices intensify inflation pressures, with broader market implications for regional and global bond markets amid currency volatility.
Gold slips as US inflation rises, fueling Fed rate-hike bets.
Trump and Xi aim to keep Iran war from overshadowing their China summit.
The Labor Department reported April's Consumer Price Index surged 0.4% monthly in core inflation, confusing investors, though moderating inflation and record earnings growth, particularly in AI stocks like Nvidia, are refocusing markets on fundamentals.
Trump-Xi Summit Likely to Test US AI Strategy Amid China Competition
Trump visits Beijing May 13-15 for high-ceremony summit with Xi focusing on trade, Taiwan, and Iran, though both sides expect limited breakthroughs amid ongoing geopolitical tensions and reciprocity demands.
The Supreme Court undermined Trump's trade superpower by ruling against his tariff announcements.
U.S. Treasury Secretary Scott Bessent met Japanese Prime Minister Sanae Takaichi, affirming both nations view excessive currency market volatility as undesirable, addressing broader financial stability concerns.