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The U.S. and Chinese presidents are scheduled to gather in Beijing on Thursday and Friday amid a packed week of diplomatic meetings.
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Despite claiming that Iran's military is defeated and that Washington "has all the cards" in the conflict, Trump has yet to force Tehran to come to a deal.
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President Trump said the fragile cease-fire was on "life support," and India's leader urged residents to cut back on purchases and travel.
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David Malpass' comments come as US President Donald Trump and China's Xi Jinping are due to meet in Beijing.
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The US president criticises an Iranian counteroffer to end the war, and says the month-long ceasefire is "unbelievably weak".
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Trump said Sunday that Iran's response to his latest proposal was "TOTALLY UNACCEPTABLE!" Ending the U.S. blockade before discussing Iran's nuclear program would eliminate a major point of leverage.
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President Trump and some congressional Republicans are suggesting a potential suspension of the gas tax amid rising fuel costs due to the war with Iran.
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Trump said Monday that U.S. arms sales to Taiwan and the imprisonment of Hong Kong media tycoon Jimmy Lai would be among the issues at the summit in Beijing.
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Trump's whirlwind visit to China is the most significant for years - but will it bear fruit?
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The historic summit is just days away, when President Trump will go face-to-face with China's President Xi. Tom Llamas is on the ground in Beijing where he'll be giving us an inside look at the talks and at what China's doing to try and win the race for economic dominance.
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Trump rejected Iran's response to a U.S. peace proposal, calling it "totally unacceptable." And, Congressional Republicans are trying to push for three years of funding for immigration enforcement.
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Suspending the federal gas tax would require an act of Congress.
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Investors headed into Monday on edge as Trump's rejection of Iran's ceasefire proposal fueled concerns about a prolonged Middle East conflict.
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