US-Iran War Clouds Trump-Xi Summit Outlook as Polymarket, Bitcoin Reactions Draw Attention

The stalemated US-Iran war had raised concerns that the Trump-Xi summit originally scheduled for May could fall through, with US-China tariffs, arms sales to Taiwan and Iran at stake. Polymarket continued to put the probability of a meeting above 70%, suggesting traders had not turned entirely pessimistic about the summit because of geopolitical risks.

The latest development saw the Trump-Xi summit begin today, with Xi Jinping extending his hand first and Donald Trump asserting a commanding posture through a 14-second, shoulder-patting handshake. Arms sales to Taiwan, Iran and tariffs are set to dominate the agenda. Bitcoin was trading at about $74,300 over the same period and proved relatively resilient, though a sustained rise in oil prices could still fuel inflation and reduce the Federal Reserve's scope to cut interest rates.