CNBC Daily Open: U.S.-China meeting in focus while Trump wants to rename the Strait of Hormuz

Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.

The upcoming meeting between U.S. President Donald Trump and Chinese leader Xi Jinping at the White House is highly anticipated, though some China watchers are keeping their expectations low.

But relations with China aren't the only focus for Trump, as he floated the idea to rename the Strait of Hormuz after himself. This comes less than a week after he signed an executive order to change the name of Lake Ontario to "Lake America."

On the economic front, worries over inflation, higher rates and high debt continue to weigh on sentiment, as benchmark borrowing costs around the world extend their multi-decade highs.

All eyes are on the upcoming meeting between U.S. President Donald Trump and Chinese leader Xi Jinping at the White House, which could offer more clues on the future of U.S.-China trade relations as well as China's stance towards Iran and the Mideast conflict.

Some China watchers, however, are keeping their expectations low, as both sides appear to be more interested in avoiding moves that would risk their current trade truce.

Meanwhile, Trump continues his "naming" game, expressing his desire to rename the Strait of Hormuz after himself, less than a week after he signed an executive order to change the name of Lake Ontario to "Lake America."

But "making America great" doesn't stop there, as Trump met with travel industry executives who urged his administration to target attracting 100 million international visitors by 2030.

Oil continues to dominate the headlines amid the Mideast conflict. The Strait of Hormuz, which remains one of the most critical strategic waterways for global trade flows, saw oil exports hit a wartime record on Monday with more than 17 million barrels daily, Energy Secretary Chris Wright told CNBC.

While concerns over oil supply disruptions in the Middle East continue to persist, Venezuela offers a bright spot. Chevron is expanding its operations in Venezuela, more than doubling its oil production over the next five years via a $7 billion investment.

Over at the G20 gatherings this week, artificial intelligence took center stage with OpenAI CEO Sam Altman saying the use of AI is "non-negotiable" and Anthropic co-founder Tom Brown praising Trump's stance on AI data centers.

Switching lanes to auto-related sectors, Uber announced plans to cut 10% of its workforce as it seeks to consolidate management layers and lower costs. However, the ride-hailing company declined to disclose the number of jobs cut, nor did it attribute the move to AI.

In markets, U.S. stocks closed higher in Wednesday's regular trading, with all three major averages snapping a three-day slump. Asia markets closed lower amid concerns over Iran-U.S. tensions.

Meanwhile, worries over inflation, higher rates and high debt remain in focus, as benchmark borrowing costs around the world extend their multi-decade highs. Central banks in major economies, including the U.S., are widely expected to raise interest rates this month.

—Justina Lee