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US House Speaker Nancy Pelosi meets with Taiwan's lawmakers at the Legislative Yuan in Taipei, Taiwan, on Aug. 3. 

US House Speaker Nancy Pelosi meets with Taiwan's lawmakers at the Legislative Yuan in Taipei, Taiwan, on Aug. 3. 

Source: Yaoho Chen/CNA/Bloomberg

Pelosi’s trip gives Xi Jinping a reality check. Fed leaders pledge to keep fighting inflation. Economic turmoil rattles South Asia. Here’s what you need to know today.

In roughly 24 hours, Chinese officials and propagandists went from warning of a “powder keg” to pleading for patience as Beijing struggled to articulate a cohesive response to Nancy Pelosi’s landmark trip to Taiwan. The Speaker stared down Beijing’s threats — and she gave Xi Jinping a reality check. Back home Pelosi’s trip left the White House fuming behind closed doors, with senior officials’ attempts to persuade her to delay the trip falling on deaf ears, leading to a scramble to minimize the fallout. All eyes now will be on China’s response going forward, after the People’s Liberation Army pledged missile tests and provocative military drills. Here are all the ways China’s hitting back against Pelosi’s visit.