Xi Summit Shelved, Oil Surging, Allies Balking — The Middle East War Is Costing America

2026-03-17 16:00
U.S. President Donald Trump. (Associated Press)
U.S. President Donald Trump. (Associated Press)

As the Middle East conflict enters its third week, U.S. and Israeli military operations against Iran continue to intensify. Global oil prices are swinging sharply, repeatedly testing new highs, while the crisis is placing serious strain on U.S.-China relations and transatlantic alliance trust. On March 16, President Donald Trump confirmed that he had requested the postponement of a planned summit with Chinese President Xi Jinping, originally scheduled for late March in Beijing.

Trump's explanation, delivered from the Oval Office, was blunt: "I'd love to, but because of the war, I want to be here. I have to be here." The Beijing summit — scheduled for March 31 to April 2 — has been called off, a development that suggests the Iran conflict is not unfolding as smoothly as Trump has claimed.

The closure of the Strait of Hormuz and its cascading effect on oil prices have compelled Trump to remain in Washington to manage the fallout. The Financial Times reported that the White House asked Beijing to delay the visit "by approximately one month." (Related: China Pushes Back Against US Tariffs and Trade Probes During Paris Talks Latest

Trump's Loyalty Test: Snubbing Xi, Shaming Allies into Line

Speaking to the Financial Times on Sunday, Trump had already made a public ultimatum: if Beijing did not dispatch warships to the Persian Gulf to escort commercial vessels through the Strait of Hormuz — effectively blockaded by Iran — he might cancel his first visit to China since 2017.

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