Trump's visit to China is starting with Xi holding the upper hand, which is bad for US negotiating leverage and signals China's growing global position.

• Xi declined a one-on-one interview with Fox News and is in no rush to deal, with Beijing seeing Trump weakened by the Iran conflict.
• US borrowing costs are climbing — 30-year bonds hit 5% for the first time since 2007 — raising worries China could dump more US debt.
• Elon Musk praised China's infrastructure and talent, saying its trains, buildings, and workforce now outpace the US.
• Chinese EVs like BYD are half the price of US cars with better tech, but US officials are framing them as spy threats to keep them out.
• Cultural ties are fading fast: fewer than 2,000 American students are now in China, down from 11,000 in 2019.

Outlook: Expect tense talks with little breakthrough, and continued US pressure to block cheap Chinese tech even as borrowing costs and food prices squeeze Americans at home.