Trump needs to bring home at least some "victories"; otherwise, his approval rating will plummet to zero, the Republican Party will lose seats in Congress, and Trump will likely lose his seat in the White House.
Donald Trump will openly not admit it, but this is a critical period for his administration and they have to find a solution to this situation in the Strait of Hormuz and the war in general. Obviously we don't have specific details of his high-stakes meeting with Xi, but it definitely had to do with their economic relations, the Iranian war and maybe Taiwan would come in too.
Trump is under a lot of pressure. Quite a lot of Americans (particularly from the opposition) think that the war was unnecessary and they are piling up the pressure in response to the economic implications (high energy prices) of the war in the U.S., so Mr president also has that to think about. China has a good relationship with Iran, but they obviously do not control their affairs, so their influence in reopening the Strait might be limited, but we'd see how things progress.
Whether he acknowledges it or not, or whether he denies reality-it won’t change the reality!

Needless to say, their meeting is clearly not about a tea ceremony, but clearly about GEOPOLITICS, since China objectively plays one of the key roles in global geopolitics right now.
I actually have my own personal take on Trump’s position-he’s decided that the U.S., and the whole world for that matter, is like a business, just like it was for him in the U.S., where you can do whatever you want, ignoring laws, rules of decorum, established traditions, and so on. He views the entire world as his “personal business,” and China, for example, as a market competitor with whom he must somehow “settle matters.” All while ignoring the interests of everyone else. For him, MONEY comes first, not POLITICS. You can’t apply standard business methods to politics, especially GLOBAL politics. I’m sure Trump will hand Taiwan over to Xi Jinping in exchange for some contracts for his cronies, not giving a damn about anything else.
Iran. China’s relationship with Iran isn’t a friendly one; it’s a relationship between a MASTER and a sort of “guinea pig” that does certain work and receives some support or supplies in return, but nothing more. China has no friends at all-this must be understood. There are benefits, and there are those who can provide them right now.