The Trump-Xi summit was supposed to take place in the days ahead. It's been delayed -- and sidelined -- by the war in Iran war, which has blocked the Strait of Hormuz, rattled oil markets, raised the risks of inflation and forced a reassessment of a slew of assumptions about the state of play between powers great, medium and small.

The under-appreciated player in this global contest is China, hugely dependent on Middle East energy, even as it negotiates trade ties to the U.S. For business leaders, the Iran conflict compounds the high levels of uncertainty that already haunted the relationship between Beijing and Washington, and the world’s two largest economies.

Our guest, Robert "Bob" Hormats, Visiting Lecturer at Yale and Former United States Under Secretary of State for Economic Growth, Energy, and the Environment, having advised Henry Kissinger on the original opening to China, has engaged with Beijing at the highest levels across five decades, and as such, is one of the world’s most seasoned voices on the U.S.-China relationship in the world. He discusses this turbulent situation with host Jay Sapsford and gives his take on what happens next.

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