“China’s restrictions on exports of crucial rare-earth metals and rare-earth magnets remain one of the most difficult unresolved issues as President Trump and Xi Jinping prepare to meet this week,” the New York Times reports.

“For months, manufacturers in the United States, Europe, Japan and India have complained about difficulties in obtaining enough rare-earth metals from China, which dominates global production. The materials are essential for making products ranging from cars and wind turbines to semiconductors, computer displays and military equipment.”

Wired: AI, tariffs, rare minerals: what to expect from Trump’s upcoming summit with Xi Jinping.

“A new sanctions law giving President Trump broad authority to impose steep tariffs on countries that buy Russian oil adds a new layer of uncertainty to India’s already fraught trade relationship with the United States,” the New York Times reports.

“The bill, signed by President Trump on Friday, gives him the power to impose tariffs of up to 100 percent on goods from countries that continue to buy Russian energy. The aim of Congress was to choke off the revenue that finances Moscow’s war in Ukraine.”

“The law, however, gives Mr. Trump considerable discretion over when and how to wield those tariffs, and it’s not clear when — or even whether — he would impose tariffs that would raise the cost of American imports of Indian goods.”

Bloomberg: Trump signs Russia sanctions bill granting new tariff powers.

“The Iran war is driving fuel prices higher worldwide, leading to angry protests around the globe and straining the economies of countries that have nothing to do with the war,” Axios reports.

“It’s not just driving up prices in the U.S. The war is causing problems around the world — in some cases far worse than anything Americans are experiencing.”

“The surge in prices squeezes consumers, and worsens the finances of governments trying to contain the shock — especially poorer and developing countries with little fiscal running room.”

“The U.S. is expected to hold off announcing new tariffs on China and other trading partners until after next week’s summit between Presidents Xi Jinping and Donald Trump, a delay that could preserve such a threat as leverage in the negotiations,” Bloomberg reports.

“While the reason for the postponement is unclear, Trump has repeatedly used tariff warnings to press trading partners for concessions. The administration had intended to release a trade report on alleged excess capacity before the meeting that would recommend a 7.5% tariff on Chinese goods.”

New York Times: “The price of heating oil, a fuel that is very similar to the diesel used in trucks, is up roughly 60 percent since Israel and the United States started attacking Iran on Feb. 28.”

“The war has sent oil and fuel prices soaring, leaving… many others facing difficult financial decisions. About 3 percent of U.S. households use heating oil, and most of them live in the Northeast or Alaska.”