US-Iran War Live Updates: No military solution exists for Iran issues, says Araghchi at BRICS FM meeting

US-Israel-Iran War News Live Updates: Focus has shifted to Beijing as US President Donald Trump and Chinese President Xi Jinping begin high-stakes talks amid the continuing war in West Asia and growing global economic uncertainty.

President Xi welcomed a group of US business leaders and said China’s doors would "only open wider", while calling for stronger reciprocal cooperation with the United States. President Trump arrived at the Great Hall of the People for formal talks with President Xi, receiving a ceremonial welcome that included a 21-gun salute.

During the opening remarks, Xi said the "whole world is watching" the summit and stressed that China and the US should be "partners, not rivals". Trump praised Xi’s leadership and said both countries shared a "bright future together". Xi also appeared to indirectly reference the war in West Asia, asking whether major powers could "meet global challenges together and provide more stability for the world".

Meanwhile, the economic fallout from the Iran war continues to widen. Associated Press reported that soaring oil prices are expected to generate an additional $850 million in revenue for New Mexico, even as Democrats in the oil-rich state remain uneasy about benefiting from a conflict they oppose.

Follow CNBC-TV18’s live coverage for the latest updates on the US-Iran-Israel conflict that has sparked economic concerns across the world, and diplomatic negotiations.