Trump arrives in Beijing for high-stakes Xi summit as U.S. wholesale inflation surges. Prices jumped 6% year-over-year in April, marking the sharpest annual gain since 2022, adding pressure on the Federal Reserve. The President is accompanied by major CEOs including Elon Musk and Jensen Huang to discuss tariffs, rare earths, and artificial intelligence. Kevin Warsh secured Senate confirmation as the next Fed chair, facing immediate challenges from sticky inflation and global energy disruptions. The Strait of Hormuz closure has slashed OPEC production by 30% since late February, threatening demand growth. Asia-Pacific markets are watching closely for trade breakthroughs as the S&P 500 reaches new all-time highs despite inflation concerns.
