Trump Visits China as Iran War Fuels U.S. Inflation
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- Trump departs for a state visit to China, his first Beijing trip in his second term.
- Trump wants a temporary suspension of the federal gas tax, which currently costs 18.4¢ per gallon of gasoline and 24.4¢ per gallon of diesel, pending congressional action.
- Trump urges the Federal Reserve to lower interest rates, despite analysts saying a cut is unlikely.
- Trump praised Xi Jinping's power and anticipates Chinese purchases of soybeans and Boeing aircraft during the visit.
- Trump's war with Iran has driven up gasoline, airline ticket, and housing costs, as shown in a new inflation report.
Why it matters: American consumers will feel higher gasoline and housing expenses from the Iran war, while Trump's China trip seeks to boost U.S. export earnings through soybean and Boeing deals.
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