Trump and Xi agree Hormuz must remain open as blockade disrupts energy flows
The White House confirmed President Xi’s opposition to militarisation and tolls, while Nvidia shares surged on chip sale approval
President Donald Trump concluded his first visit to China since 2017 with a joint statement alongside President Xi Jinping, affirming that the Strait of Hormuz must remain open to support the free flow of energy. The agreement marks a significant diplomatic alignment between the two nations on the principle of free navigation, addressing critical geopolitical tensions surrounding the vital waterway.
The White House confirmed that President Xi explicitly articulated China’s opposition to the militarisation of the strait and any attempts to impose tolls for its use. This stance was issued following a summit in Beijing that covered trade, artificial intelligence, and tensions related to Iran, blending high-level diplomatic protocol with corporate diplomacy.
The visit featured a delegation of prominent US corporate leaders, including Elon Musk, Tim Cook, and Jensen Huang, who were present to promote future business opportunities. President Trump highlighted his personal friendship with President Xi while positioning the trip as a catalyst for commercial engagement between the two economic powers.
Market participants reacted swiftly to developments surrounding the summit, with Nvidia shares surging by more than 2% following the approval of a chip sale. The movement in shares underscored the immediate financial implications of the diplomatic and regulatory outcomes discussed during the visit.
In parallel corporate news, Cisco announced plans for job cuts as part of a broader restructuring effort. While the specific scope of the cuts remains undefined in available reports, the announcement coincided with the broader narrative of corporate adaptation and strategic shifts occurring alongside the high-profile diplomatic engagements.
