Trump and Xi met for their superpower summit with friendly speeches and big ceremony, but no concrete announcements on trade, Iran, or Taiwan so far.

• Xi told Trump the two countries should be "partners, not rivals" and floated the idea of avoiding a US-China war as China rises.
• Trump heaped praise on Xi, called him a great leader, and said the relationship is better than ever.
• Oil prices ticked up, meaning markets are not pricing in any breakthrough on Iran or the Strait of Hormuz.
• Top US business and government people showed up, including Musk, Tim Cook, Jensen Huang, Rubio, and Hegseth.
• The schedule is short: dinner tonight, photo ops and tea lunch tomorrow, then done, so any deal would have to come fast.

Outlook: If a real announcement is coming, it lands in the next day, but early signs point to a friendly photo-op summit rather than a substantive deal.