Apr 15, 2026
In a recent social media post, Trump said China is "very happy" that he is "permanently opening the Strait of Hormuz," adding that Chinese President Xi Jinping would give him "a big, fat, hug" when the two meet in Beijing in the coming weeks (1).
In an early-morning Fox News interview on April 15, Trump claimed he'd written a letter to President Xi addressing reports that China has been providing Iran with weapons, which Xi reportedly denied.
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"I wrote him a letter asking him not to do that. And he wrote me a letter saying that, essentially, he's not doing that," Trump shared on Fox News, according to NewsNation (2).
Trump's social media post went on to say that, "We are working together smartly, and very well!"
What's actually been confirmed
The Associated Press reports that Chinese officials have repeatedly pushed back on claims that the country is providing military support to Iran. Still, U.S. officials maintain that China has long supported Iran's missile capabilities through exports of dual-use components that can be repurposed for weapons production (3).
Furthermore, China’s denial stops short of confirming any new agreement with the U.S.
China has called for de-escalation in the region, urging all parties to respect ceasefire efforts and pursue diplomacy, while positioning itself as a potential mediator in talks between the U.S. and Iran (4).
Still, there has been no official confirmation from Beijing of any agreement to "permanently" reopen the Strait of Hormuz, or any direct link between shipping access and weapons policy. Recent reporting notes that key details around Trump's claims remain unclear and unverified by Chinese officials (5).
Control over shipping is now heavily shaped by regional conflict, particularly Iran's actions and military posture. No single country can unilaterally guarantee access to the Strait.
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What it means for your money
The Strait of Hormuz has been a key pressure point for oil markets in recent months, so any claim that it's being "permanently" stabilized would be a big deal.
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Right now, Trump's comments suggest progress, but there's no clear evidence of a finalized deal — and no confirmation from China tying shipping access to weapons policy.
Until that changes, the bigger signals to watch are oil prices and official announcements from the countries involved. Many Americans are already feeling squeezed at the pump, as gas prices are averaging more than $4 a gallon nationwide (6), with drivers in states like California paying more than $6 in some areas (7).
In an interview with Fox Business host Maria Bartiromo, Trump acknowledged that oil prices could climb higher as a result of the conflict with Iran, but said he's willing to accept that trade-off.
"If you told me that we were going to be at only $92 a barrel … I would have been very surprised. And you know what? I'm very happy," Trump said (8).
For Americans, the clearest signals will likely come from what happens next: whether oil prices begin to ease, and whether officials on all sides confirm any lasting changes. Until then, the situation — and its impact on gas prices — remains in flux.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
White House (1); NewsNation (2); Associated Press (3); Reuters (4),(5); Business Insider (6); CBS News (7); Fox Business (8).
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Clay Halton is a Content Editor at Moneywise.com. With a professional background in finance editing and writing, Clay specializes in making complex financial topics accessible to readers.
