U.S. President Donald Trump speaks to reporters before boarding Air Force One at Joint Base Andrews, Maryland, Aug. 21, 2026.
Saul Loeb | AFP | Getty Images
Hello, my name is Justina Lee from Singapore. Welcome to another edition of CNBC’s Daily Open.
There are high expectations for the next White House meeting between US President Donald Trump and Chinese leader Xi Jinping, but some China watchers are keeping expectations low.
But relations with China are not the only focus, as Trump has floated the idea of renaming the Strait of Hormuz after himself. This comes less than a week after he signed an executive order changing the name of Lake Ontario to “Lake of the Americas.”
On the economic front, concerns over inflation, rising interest rates and high debt levels continue to weigh on sentiment, as benchmark borrowing costs around the world hit multi-decade highs.
What you need to know today
All eyes are on the meeting between US President Donald Trump and Chinese leader Xi Jinping at the White House, which could provide further clues about the future of US-China trade relations and China’s stance on Iran and the Middle East conflict.
However, both countries appear interested in avoiding any move that would jeopardize the current trade truce, and some China watchers are keeping their expectations low.
Meanwhile, less than a week after signing an executive order to rename Lake Ontario “American Lakes,” President Trump continues his “naming” game, announcing his desire to rename the Strait of Hormuz after himself.
But “Making America Great” doesn’t stop there, as President Trump met with travel industry executives and urged his administration to aim to attract 100 million international tourists by 2030.
Amid conflicts in the Middle East, oil continues to dominate the headlines. In the Strait of Hormuz, which remains one of the most important strategic waterways for global trade flows, oil exports hit a wartime record of more than 17 million barrels a day on Monday, Energy Secretary Chris Wright told CNBC.
While concerns about oil supply disruptions in the Middle East remain, there is a silver lining in Venezuela. Chevron is expanding its operations in Venezuela, more than doubling oil production over the next five years with a $7 billion investment.
Artificial intelligence was a hot topic at this week’s G20 meeting, with OpenAI CEO Sam Altman saying the use of AI is “non-negotiable” and Anthropic co-founder Tom Brown praising President Trump’s stance on AI data centers.
Turning to the automotive sector, Uber announced plans to cut 10% of its workforce in an effort to consolidate management and reduce costs. However, the ride-hailing company declined to disclose the number of layoffs and said it was not due to AI.
On the market, US stocks closed higher in regular trading on Wednesday, with all three major stock averages erasing three days of losses. Asian markets closed lower on concerns about tensions between Iran and the United States.
Meanwhile, concerns about inflation, rising interest rates and high debt levels remain in focus as benchmark borrowing costs around the world hit multi-decade highs. Central banks in major countries, including the United States, are widely expected to raise interest rates this month.
—Justina Lee
