Luke Vargas

China's Xi Jinping warns President Trump on Taiwan, underscoring the tensions around a visit Trump had teased as the best summit ever.

Thank you very much.

Thank you.

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It's Thursday, May 14th.

I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.

Well, day one of the Trump-Xi summit is underway.

And to help us decipher some early signals coming out of the high stakes gathering in Beijing, I've got Journal Beijing Bureau Chief John Cheng and Wall Street Journal National Security Reporter Alex Ward on the line from the Chinese capital.

John, Alex, anyone nerding out over this summit will have seen reference in a lot of outlets to the five B's that the U.S.

is seeking progress on this week, among other things, setting up a board of trade, selling Boeing planes, as well as American beef.

But since the real negotiating day is tomorrow, I propose that we look at two P's instead, pageantry and prepared remarks.

John?

Patrick, is it all pomp and circumstance or something actually worth watching?

Alex, I'm glad that John brought up that last trip because since 2017, China has really grown to be a real superpower.

Has that changed anything about how Trump is being received this time around?

And John, I think Alex has actually set us up there really nicely to close things out by talking about some of the red lines Xi has already drawn ahead of negotiations, namely around Taiwan.

Alex Ford is a journal national security reporter and John Cheng is our Beijing bureau chief.

Alex, thanks so much for the time.