Varney: Biden call with China raises the stakes big time

Ahead of President Biden's call with China's Xi Jinping on Friday, FOX Business' Stuart Varney warned in his "My Take" that if Biden can't convince China to stop supporting Russia in its invasion of Ukraine, possible sanctions could raise global economic stakes "big time."

STUART VARNEY: The president is on the phone with China's Xi Jinping. This is no ordinary great power conversation. 

There's a war on! And China and Russia are going to help each other. Not us.

This phone call is all about how much help China gives. Because China is the one country that can offer what Russia needs: money, electronics and weapons.

BIDEN'S CALL WITH CHINA'S XI COMES AMID ECONOMIC TENSIONS, RISING SECURITY THREATS

If President Biden can't persuade Xi to back off, China will be sanctioned, and that raises the stakes big time. 

We're waiting on any news from that call.

We're also waiting for another big foreign policy announcement – the Iran nuke deal.

It’s hard to believe we're going through with this, but the word is a deal is about to be signed.

The Iranians would get a lot of money, and be allowed to sell more oil. In return, they agree to slow walk towards a bomb, without any snap inspections of Iranian nuclear sites. And get this: the Russians take Iran’s enriched uranium. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

One more foreign policy development: The New York Times has finally admitted that Hunter Biden's laptop was indeed Hunter Biden's laptop. And as The New York Post has been saying for 17 months, that laptop held emails that implicated Joe Biden in the international influence-peddling business run by Hunter. It’s fair to ask if China has something on President Biden!

I wonder if it comes up in the call!

READ MORE FROM FOX BUSINESS