Trump-Xi Summit: Fault Lines & Market Fallout
May 15, 2026
S&P 500 FUTURES
−0.8%
post-summit session move
BRENT CRUDE
+2.1%
risk-off oil spike on Hormuz fears
U.S. TARIFF RATE ON CHINA
~145%
effective weighted avg, May 2025
SUMMITS SINCE 2017
9
Trump + Biden combined Xi meetings
STRAIT OF HORMUZ TRANSIT
21%
share of global oil flow at risk
Bilateral Effective Tariff Rates 2017–2025 (%)
U.S. on China
China on U.S.
S&P Futures
Brent Oil
USD/CNH
Normalized to 100 at openKey Questions Answered
Sources: U.S. Treasury / USTR · EIA · Bloomberg Markets · Peterson Institute for International Economics · Council on Foreign Relations
Data sources
U.S. Effective Tariff Rates on China 2017–2025· Peterson Institute for International EconomicsU.S.-China Trade & Tariff Data· Office of the United States Trade Representative (USTR)Strait of Hormuz Oil Flow Statistics· U.S. Energy Information Administration (EIA)China-Iran Oil Trade Estimates· Kpler / Reuters Trade Flow TrackingCHIPS Act and Export Control Timeline· Semiconductor Industry Association / Commerce Dept BISU.S.-China Summit History and Outcomes· Council on Foreign Relations — Timeline of U.S.-China RelationsGlobal Inflation and Energy Price Drivers· U.S. Bureau of Labor Statistics