Neil Thomas

I think he's right.

We'll see about whether he gets a literal hug.

But I think for both Xi and Trump, the main focus of this meeting is basically good vibes and ensuring that the current stability exists.

in US-China relations continues.

He is not pleased at all.

But I think we've seen from the messaging coming out of Beijing for the last few weeks that despite China's quite vehement disagreement with US moves to attack Iran,

For the Chinese leadership, priority this year is to maintain this stability in US-China relations because it means a continued pause on any new tariffs or export controls or other economic measures from the US that could hit the Chinese economy.

Hormuz海峡局势

It's having an impact.

China is much more important to Iran.

than Iran is important to China.

China gets about between 10 to 13% of its oil imports from Iran.

So not insignificant amount, but it's not a major source of oil for China.

It's more the global uncertainty, the global hit to energy markets, which is pushing up prices and squeezing Chinese companies and the Chinese government.

That's right.

My understanding is that it could last for a few months and they don't want that stockpile to go to zero either.

So it's not like they're going to sit around twilling their thumbs until the gauge runs out.

But yeah, it certainly puts them in a stronger position than a lot of other countries, including Australia, which doesn't have nearly as many months of oil in stockpile.

Absolutely.

And I think this is the main watch point.