Trump and Xi prepare for summit as U.S. tightens Iran sanctions and China blocks Meta's AI acquisition

China blocked Meta Platforms' $2 billion bid for AI startup Manus, described as its most dramatic move yet to keep cutting-edge technology inside its borders.

The Trump administration ramped up scrutiny of Beijing's ties with Tehran, sanctioning one of China's largest private refiners. Treasury Secretary Scott Bessent warned Chinese banks could face secondary sanctions if China continues propping up Iran's revenues.

China announced new regulations this month to ensure its manufacturing dominance, targeting foreign companies for shifting supply chains out of the country or complying with U.S. export controls.