Day 1 of the Trump-Xi summit is over. Here are my key takeaways from the readouts, interviews, and the banquet. (1) New Chinese Formulation: Most interesting takeaway for me is that China is out with a new frame for the relationship: “I have agreed with President Trump on a new vision of building a constructive China-U.S. relationship of strategic stability. This will provide strategic guidance for China-U.S. relations over the next three years and beyond.” Beijing appears to me to wish to lock in a "truce" favorable to them, and they want to do so beyond Trump, with this post-trade war detente setting the baseline. Presumably, any U.S. actions to reckon with excess capacity or deter conflict could be framed by Beijing as a violation of this new frame. Beijing acknowledges the relationship as competitive - as they did with us in 2023 - but talks about keeping it within acceptable limits. (2) Rare Earths, Export Controls: Surprisingly absent from both readouts despite their centrality to the current detente. (3) Taiwan: China emphasizes mishandling it could cause "clashes and even conflicts," elevated public language, while the U.S. doesn't mention it. (4): Artificial Intelligence: Nothing in readouts, but Bessent said to CNBC after (1) there will be talks and (2) that U.S. leadership in AI is the reason why China is willing to talk at all: "The two AI superpowers are gonna start talking. We’re gonna set up a protocol in terms of how do we go forward with best practices for AI to make sure non-state actors don’t get a hold of these models....The reason we are able to have wholesome discussions with the Chinese on AI is because we are in the lead. I do not think we would be having the same discussions if they were this far ahead of us." (5) Iran and Characterizing Xi: Normally we don't say, "Xi Jinping said X" in a readout, because that's for them to say. But the White House readout does so over Iran: "President Xi also made clear China's opposition to the militarization of the Strait and any effort to charge a toll for its use, and he expressed interest in purchasing more American oil to reduce China's dependence on the Strait in the future. Both countries agreed Iran can never have a nuclear weapon." (6) Chinese Investment in the US. This is mentioned in the White House readout. Bessent then said on television, "we’re going to talk about a board of investment that will be responsible for investment in nonsensitive areas." (7) Fentanyl. The US readout emphasizes "the need to build on progress in ending the flow of fentanyl precursors into the United States. No mention in the Chinese readout. (8) Mil-Mil Channels: Notably, the Chinese readout calls to "make better use of communication channels in the political and diplomatic and military-to-military fields." No mention in the U.S. readout, and historically something the US - not China - keeps in the foreground. (9) Xi Visit: At the banquet, Trump invited Xi to visit in September. Seems like it may align with the UN General Assembly, which Xi hasn't addressed in some time.