Tensions between the United States and China are rising as both nations prepare for a summit between President Donald Trump and President Xi Jinping next month. The Trump administration has recently sanctioned a major Chinese oil refiner due to its connections with Iran, warning that Chinese banks could face secondary sanctions if they continue to support Iran's economy. This scrutiny coincides with China's decision to block Meta Platforms Inc.'s $2 billion acquisition of AI startup Manus, a move that underscores its commitment to maintaining technological independence. As both countries gear up for negotiations, they are also fortifying their supply chains and intellectual property protections. Taiwan's situation is a significant point of contention, with Taiwanese officials expressing concern about being overlooked in the discussions. Additionally, US lawmakers are pushing for legislation that would limit technology transfers to China, potentially complicating Trump's negotiating position. Despite these challenges, both sides appear committed to proceeding with the summit, although the outcome remains uncertain.