Xi warns Trump of possible 'conflicts' if Taiwan is mishandled, leaders agree on Strait of Hormuz

Chinese President Xi Jinping warned President Donald Trump on Thursday at their Beijing summit that the U.S. and China could see "conflicts" if Taiwan mishandled. 

The remarks were delivered in closed-door meetings, according to The Washington Post.

The leaders of the world's two largest economies also agreed the Strait of Hormuz must remain open. 

They agreed amid the U.S. war on Iran that is now nearly 3-months old and has resulted in the waterway effectively being closed as both sides have imposed blockades and ships have been hit by rocket attacks. China buys 90% of Iran's oil and depends on it to fuel the country's economy. A northern edge of the strait borders Iran.

Trump and Xi said China opposes any effort to militarize the strait or charge tolls for the use of the waterway, through which roughly 20% of the world's oil supply is transported. Xi also expressed interest in reducing China's dependence on the strait by increasing purchases of American oil. 

Both sides also agree Iran can't have nuclear weapons. The Trump administration's failed diplomacy to get Iran to stop its pursuit of a nuclear weapon was followed by the start of the war on Feb. 28. 

During a toast at a state dinner with Trump on Thursday, Xi said relations between the U.S. and China are "the most important bilateral relationship in the world," according to FOX News. 

The Chinese president said he had "in-depth exchanges" with Trump, and the two leaders agreed they should be partners rather than rivals. 

The White House said Xi and Trump had a "good meeting," and they discussed ways to enhance cooperation between the two countries, including expanding American businesses' access to the Chinese market, as well as increasing Chinese investment into U.S. industries. 

They also discuss ending the flow of fentanyl precursors into the U.S., and increasing Chinese imports of American agricultural products.