President Donald Trump is set to travel to Beijing in mid-May for a summit with Chinese President Xi Jinping, the first U.S. presidential visit to China in eight years, and a meeting already delayed once by the Iran war. The pair will obviously discuss the U.S.-Iran conflict and the resulting energy shock, which has hit Asia fastest and hardest. There is no shortage of issues for the two leaders to discuss, including Taiwan, trade, AI chip controls, rare earths, and sanctions. One important topic the two leaders will likely spend time on is the energy shock and the maximum pressure campaign imposed by the U.S. Treasury Department’s Office of Foreign Assets Control on Chinese independent “teapot” refineries, particularly in Shandong Province, due to their continued purchases and refining of Iranian crude. Perhaps last week’s sanctions on China’s teapot refiners are part of a leverage campaign by the Trump team ahead of the upcoming meeting. By Saturday morning, Beijing announced that companies in the country should ignore and not comply with U.S. sanctions targeting five domestic refineries.  …