Alice Han

Now, there's a big push to get India to increase its share, but at least in the next few years, in the short term, it seems like they really still need China to manufacture Apple goods across the board.

Okay, we'll be back with more after a quick break.

Stay with us.

Welcome back.

Trump's postponement of his Beijing summit with Xi Jinping is sending ripples through global diplomacy and markets.

Chinese officials are frustrated, and state-run outlets like the Global Times are mocking the delay, suggesting the U.S.

is using the conflict to pull China into policing the Strait of Hormuz.

Meanwhile, behind the scenes, Beijing sees the Iran crisis as a chance to make political capital at the expense of the U.S.

James, it's been sleepless nights for a lot of my friends who are oil traders or just traders in general.

I'm curious how you've been faring in the last few weeks.

But I have been struck by the lack of real Chinese media coverage on Iran, I think even relative to Venezuela.

There's been a lot of focus, obviously, on the new five-year plan that's come out, on some of the domestic data that have come out.

But I've been struck how there hasn't been a lot of talk within Chinese media about Iran and how China actually hasn't been that vocally critical of the U.S.

's campaign.

Now, that may change if we, in the coming days, see Trump escalate in terms of boots on the ground to try to stabilize the straight or even decapitate the leadership in Tehran.

But right now, I sense that the Chinese are playing a wait-and-see game to see what pans out.

They've just sent a special envoy to the Middle East

to the region to talk to the Gulf states, to the Iranians.

I sense that maybe there are moves early on to see if they can be involved in a longer-term diplomatic peace process.

But right now, it seems like Beijing is playing a wait-and-see game.