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

US President Donald Trump speaks to reporters before boarding Air Force One at Joint Base Andrews, Maryland on Aug. 21, 2026.Saul Loeb | AFP | Getty ImagesHello, 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.What you need to know todayAll 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, ar...