It's a summit that has been in the works for quite some time. A detente between President Trump and China's Xi Jinping already took shape in October after a bruising trade war that saw the U.S. level triple-digit tariffs on Chinese imports before Beijing retaliated by restricting the supply of rare earths. While a subsequent face-to-face meeting between the two leaders went some of the way in reaching understandings on farm products, fentanyl, chips, and energy, there is still much in terms of trade and geopolitics that needs to be hashed out.

Coming up: It has been over seven months since the two leaders sat down face-to-face, but Trump will head to China later this week for a delayed state visit. It'll be his first time in the country since 2017. The meeting is being overshadowed by the recent Supreme Court ruling that declared many of Trump's tariffs illegal on imports worldwide, as well as the war in the Middle East. China is one of Iran's largest diplomatic backers and its biggest buyer of oil, while the U.S. Treasury recently sanctioned five Chinese oil refiners for processing Iranian crude.

"Iran is the world's largest state sponsor of terrorism, and anyone who is buying oil from Iran is contributing to that," U.S. Trade Representative Jamie Greer declared last week. "We're looking for stability with China. We don't want this to be something that derails the broader relationship or any grievance that might come out of our meeting in Beijing." Iran is also not the only front in the geopolitical struggle that's being waged between the superpowers. Tense discussions over Taiwan are set to take place, especially after Trump authorized an $11B arms package in December, marking the largest weapons sale ever to the island.

What else to watch: New airplane orders, as well as auto sales, after exports surged 14.1% to a record high in April. Trade controls will also be discussed for products like soybeans, rare earths, energy, and AI chips. These priorities can be reflected in the makeup of the business delegation that is expected to join Trump for the trip, including top executives from Boeing (BA), Apple (AAPL), Nvidia (NVDA), Exxon (XOM), Blackstone (BX), and Citigroup (C). Take the WSB survey.