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President Donald Trump has departed for Beijing for a summit with Chinese President Xi Jinping amid escalating tensions surrounding the Iran war. Kuwait arrested four suspected IRGC members, and Qatar accused Iran of weaponizing the Strait of Hormuz. Trump says the war will end 'peacefully or in another way,' while Iran demands Washington accept its peace plan.
US President Donald Trump has departed for Beijing for a summit with Chinese President Xi Jinping amid rising tensions over trade, Taiwan, and the Iran war. The meeting, Trump's first visit to China since 2017, is expected to focus on trade, technology, the Strait of Hormuz, and the future of the global order. Analysts say the two leaders have different priorities but remain bound by deep economic interdependence.
US consumer prices rose 3.8% year-over-year in April 2026, the highest since May 2023, driven by a 28.4% surge in gasoline prices amid the US-Israel conflict with Iran. Energy costs pushed up airline fares and food prices, while the White House called the increases temporary. Economists expect the Fed to hold interest rates steady through the rest of the year.
U.S. President Donald Trump and Chinese President Xi Jinping have held six face-to-face meetings since 2017, ahead of Trump's visit to China this week. The three-day summit, starting Wednesday, is expected to focus on the U.S.-Israel conflict with Iran, trade, and the Taiwan issue. Key past meetings include their first at Mar-a-Lago in April 2017, the 2017 Beijing visit, and a 2025 meeting in Busan, South Korea, where they agreed to pause the trade war for a year.
The energy crisis triggered by the Iran war is hitting developing countries hard, as they lack sufficient oil storage to cope with price shocks. The IEA's release of 400 million barrels in March highlighted a severe shortage of reserves across the developing world, particularly in Asia-Pacific. Experts say nations should aim for 120–150 days of reserves, while renewable energy acceleration offers a long-term solution.
BANGKOK — Asia's first lines of defense against energy shocks from the Iran war are running out, and a harsher second wave of impacts is beginning to hit the region. Major economies like Japan, South Korea, and India face heightened pressure from rising oil prices and supply disruptions.
President Donald Trump announced a temporary suspension of the 18-cent federal gas tax to combat rising fuel prices. The move requires congressional approval and faces mixed reactions from lawmakers. Gas prices have surged since the US-Israel conflict with Iran began in late February.
Indian Prime Minister Narendra Modi has urged citizens to work from home, avoid international travel, and stop buying gold to conserve foreign exchange amid the Iran war-driven energy crisis. The conflict has sent global oil prices up nearly 50%, straining India's foreign reserves, which fell by $7.79 billion in early May.
Italian Prime Minister Giorgia Meloni met with US Secretary of State Marco Rubio in Rome to defuse tensions over the US-Israel war on Iran and Trump’s attacks on Pope Leo. Italy has refused to back the war, denied US use of its air base, and faces domestic pressure. The dispute could hurt Meloni politically ahead of national elections.
