Trump has told us how fantastic the Beijing summit was – but what is the truth? China and the US agreeing on trade and growth over conflict is positive. They will remain polite to each other, but the struggle for hegemonic power will continue. Xi may be betting the state of the US economy, and the mistakes in Iran, means Trump will become less relevant from November.

Trump is running out of options over Iran. Bluff and Bluster won’t fix it. When he visits Beijing this week, he will be up against Emperor Xi – who holds all the cards; sufficient oil reserves, dominance over global supply chains, and critically the ability to shut off the single most important commodity in the world today – Chips.

This morning’s meeting in Busan, Korea was short and sweet. Goal achieved - the global meltdown that would have followed a rare-earth embargo by China has been avoided. What is more interesting is how it could change the current power set-up in Washington as Scott Bessent and Marco Rubio increasingly take centre stage.

The Gaza deal is an extraordinary win for President Trump. Banging heads together worked – and may have created conditions for the Middle East to move towards reconciliation. But, we had another “judder” moment as the trade conflict he triggered with China threatens to overturn the USA’s economic resilience.

Political stresses are undermining the West. While Europe bickers and America reinvents itself, the Asian century has begun. Yet, Modi and Xi embracing in Tianjin does not herald a new China-India axis, but that India has moved firmly into the new Asia camp. How these two nations compete will be the key to 21st Century investment opportunities.

Trade tensions are set to dominate this week – particularly for Europe and Japan. While Trump upsets his allies, the global nexus is moving to the wealth concentration in South East Asia and the future evolution of tech – nothing lasts forever.

Emperor Xi’s brief trip to Europe has apparently achieved little – but he’s made clear China is open to dealing with Europe – on its terms. He can wait: the global economy is increasingly transactional and the US / Yoorp relationship is under stress. If China needs to flex some muscles and break things to get the message across – they will.

Biden’s trip to Israel and Jordan vs Putin’s to Beijing - which will prove more meaningful? Meanwhile, Italy’s latest tax cuts and spending plans mimic the Trusterf*ck, but Meloni seems to have got away with it – for how long?

The G20 Gabfest in Delhi will boost Modi and paint India as the nation everyone wants to engage with, but it also hints at the end of the current global financial order of the G20, G7, The World Bank, IMF and WTO – No matter, we can build something better.