Trump Says Xi Jinping Has Been Very Respectful About US Blockade On Iranian Oil Exports — 'We Haven't Been Challenged By China'

• President Trump said during the press conference that he wants Iran’s financial system to collapse, adding that the U.S. is actively working on making sure it fails.
• He also highlighted that Iran wants to make a deal, despite the public posturing by the country’s representatives.
• Trump praised Treasury Secretary Scott Bessent for imposing sanctions on Iran, while adding that the Iranian currency is now worthless.

President Donald Trump on Tuesday stated that his Chinese counterpart, Xi Jinping, has been very respectful regarding the U.S. blockade on Iranian oil exports amid the ongoing war.

During a White House press conference on Tuesday, President Trump said the U.S. has proposed that China send its ships to the United States to meet its crude oil needs.

“He has been very nice about this. China gets about 60% of its oil from Hormuz, and I think he has been very respectful. We haven’t been challenged by China… no one challenges us,” he said.

Trump added that Xi would not challenge the U.S. because of him.

“I have a very good relationship with President Xi. I find him to be a tremendous guy, and we get along well. You see how we do a lot of business with China, we make a lot of money,” he said.

Trump Says He Wants Iran’s Financial System To Fail

President Trump said during the press conference that he wants Iran’s financial system to collapse, adding that the U.S. is actively working on making sure it fails.

He also highlighted that Iran wants to make a deal, despite the public posturing by the country’s representatives. Trump praised Treasury Secretary Scott Bessent for imposing sanctions on Iran, while adding that the Iranian currency is now worthless.

“They play games, but let me just tell you, they want to make a deal, and who wouldn’t, when your military is totally gone,” he said.

Higher Oil Prices A Small Price To Pay, Says Trump

President Trump also stated that higher oil prices are a small price to pay as the U.S. seeks to prevent Iran from obtaining a nuclear weapon.

He added that the price of oil has not risen as high as he had expected, noting that he had expected it to soar to anywhere between $200 and $300 per barrel.

Meanwhile, crude oil prices declined on Tuesday. U.S. West Texas Intermediate (WTI) crude futures expiring in June were down nearly 4%, hovering around $102 a barrel. Brent crude futures expiring in July fell 3% to hover around $110 a barrel.

The United States Oil Fund ETF (USO) fell about 3%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) declined 4%.

“I look today, it’s like at 102 (dollars), and that’s a very small price to pay for getting rid of a nuclear weapon from people that are really mentally deranged,” he said.

Iranian Parliament Speaker Says Status Quo Intolerable For US

Iranian Parliament Speaker MB Ghalibaf stated in a post on X on Tuesday that the status quo is intolerable to the U.S., and that Iran has not even begun yet.

“The new equation of the Strait of Hormuz is in the process of being solidified. The security of shipping and energy transit has been jeopardized by the United States and its allies through the violation of the ceasefire and the imposition of a blockade,” he said.

Meanwhile, U.S. equities gained in Tuesday’s midday trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.76%; the Invesco QQQ Trust ETF (QQQ) rose 1.26%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained  0.47%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bullish’ territory.

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