Trump Plans Rare Three-Way Summit With Xi and Putin in China

what happened

US President Donald Trump will hold a three-way summit with Russian President Vladimir Putin and Chinese leader Xi Jinping on Thursday, the White House said on Friday. The meeting will take place in China as part of Trump's trip that also includes a stop in the Philippines, the Wall Street Journal reported. It would be the first gathering of the leaders of the world's three largest nuclear powers.

White House spokesperson Olivia Wales said reducing nuclear weapons will be one of the topics. A senior US official said no agreement is expected and that the meeting would be the first discussion of how to cut nuclear arsenals. The official also said China has the fastest-growing nuclear arsenal of the three countries. The New START treaty expired nine months ago, and Trump wants a broader pact that includes Beijing.

Trump also plans a bilateral meeting with Xi and intends to raise the war in Iran. According to the official, Ukraine is not expected to be discussed at the trilateral summit, and no bilateral meeting between Trump and Putin is scheduled.

why it matters

For markets, the signals on nuclear arms control and US relations with China and Russia matter, but the summit does not promise concrete economic decisions. Any effect on oil and currencies would be indirect and depend largely on how the Iran discussions go.

market impact

Oil and currencies: indirect effect via risks around Iran and ties with China and Russia

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