William Blair macro analyst Richard de Chazal was quoted in U.S. News & World Report ahead of President Donald Trump’s May visit to China, speculating on the potential economic topics and outcomes of the meeting.

“Up to now, the supply disruptions across Europe and North America have been relatively limited; however, falling oil inventories and jet fuel shortages will increasingly start to bite,” de Chazal wrote in a note to investors that was cited by the publication.