President Trump and Chinese President Xi Jinping met in Beijing this week and emerged with agreements spanning trade, energy, and the growing crisis involving Iran. According to the White House, both leaders discussed expanding economic cooperation, increasing Chinese investment in American industries, and reopening trade routes that stalled during recent tensions between the two countries.

Energy was one of the foremost topics. The White House said Xi expressed interest in increasing purchases of American oil and other energy products as China looks to reduce dependence on the Middle East. Before trade tensions disrupted energy imports last year, China had been purchasing roughly 193,000 barrels of U.S. oil per day and more than four million tons of American liquefied natural gas annually.

Chinese imports of U.S. crude later dropped to zero after tariffs and trade disputes escalated. Iran and the closing of the Strait of Hormuz were also major talking points. According to the White House, Xi opposed efforts to militarize the waterway and rejected the idea of charging tolls for passage through the strait. Trump later said Xi also committed to withholding military support from Iran and offered assistance in helping resolve the conflict.

However, the meeting was not without disagreement, as China’s takeaway placed far greater emphasis on Taiwan, with Xi warning that the issue remains serious and could even become a source of serious conflict if handled improperly.

The ongoing conflict with Iran and the instability around the Strait of Hormuz has created economic pressure across the world that neither country wants to continue absorbing. China depends heavily on imported energy and remains one of the largest buyers of Iranian oil, while the United States is trying to prevent further disruption to shipping routes that move a significant share of the world’s oil supply.

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Energy would appear to be the driving factor in the meeting, as well as much of the cooperation. China previously imported large amounts of American oil and LNG before trade disputes disrupted those purchases, and both countries now have reasons to restore some of that relationship.

China wants alternatives as instability in the Middle East threatens supply routes, while the U.S. wants stronger export demand and fewer disruptions tied to the Iran conflict. Despite ongoing disputes over Taiwan, trade, and military issues, both governments have a direct interest in preventing the Strait of Hormuz and energy markets from becoming a larger economic problem.

If China follows through on its plan to increase purchases of American oil and energy products, it could strengthen demand for U.S. producers at a time when global markets remain volatile. Increased exports would benefit refining activity, shipping networks, and energy-producing regions that rely heavily on oil and natural gas development.

Still, the biggest issue remains the conflict with Iran and the Strait of Hormuz. Ongoing instability is creating tension that has already moved beyond energy markets into transportation, manufacturing, and consumer pricing. China holds strong economic leverage over Iran that Washington simply does not, giving them strong influence as negotiations move forward.

While Xi's offer of help does not guarantee a breakthrough, both governments have enough economic exposure to the conflict that neither has much incentive to let it continue escalating.

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