P.M. Edition for May 12. President Trump left today for his summit with Chinese leader Xi Jinping. WSJ Washington bureau chief Damian Paletta lays out the stakes, with the two leaders expected to tackle trade, Iran and Taiwan. Plus, inflation hit its highest level in three years last month, outpacing wage growth. Journal economics reporter Chao Deng explains how the war in the Middle East is driving up prices. And there’s a fire sale on MBAs, with a number of business schools offering deep discounts on their tuition. We hear from reporter Ray Smith about why it has everything to do with AI. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices