BEIJING — President Donald Trump arrived in Beijing Wednesday evening for a high-stakes two-day summit with Chinese President Xi Jinping, the first visit by a U.S. leader to China in nearly nine years, but one unfolding in a far more tense and constrained atmosphere than his 2017 trip.

Where Trump’s November 2017 state visit was billed as a “state visit-plus” overflowing with pageantry — a private dinner and opera performance inside the Forbidden City, children waving flags along motorcade routes and the announcement of $250 billion in business deals — the 2026 gathering carries markedly lower ambitions and a sharper edge of rivalry.

Trump touched down at Beijing Capital International Airport as security locked down the capital and global attention fixed on the world’s two largest economies navigating war in the Middle East, persistent trade frictions and technological competition. Meetings with Xi are scheduled for Thursday and Friday at the Great Hall of the People.

In 2017, the tone was celebratory. Xi rolled out the red carpet, escorting Trump and first lady Melania Trump through the Forbidden City’s main halls for an afternoon tea and evening performance. A military band played, schoolchildren chanted welcomes and Trump praised Xi as a “very special man.” The two leaders touted what appeared to be a budding personal rapport and a new era in bilateral ties. Chinese officials unveiled a raft of memorandums of understanding worth hundreds of billions of dollars in sectors from energy to agriculture, though many later failed to materialize fully.

Nine years later, the choreography remains formal but noticeably scaled back. No “state visit-plus” designation this time. Analysts say the grandeur serves a different purpose: signaling mutual respect while acknowledging deep distrust built over a decade of tariffs, technology restrictions, military posturing and the 2023 spy balloon incident.

The agenda has shifted dramatically. In 2017, North Korea dominated alongside trade. This week, the shadow of the U.S.-Israel conflict with Iran looms large. Trump has pressed China to use its influence to help reopen the Strait of Hormuz and ease oil price spikes that have fueled U.S. inflation. Beijing, for its part, seeks stability to protect its economy and wants progress on Taiwan and reduced U.S. tech export curbs.

Trade remains central but looks different. Trump’s second-term tariffs — initially hiked sharply before partial rollbacks following the October 2025 Busan meeting with Xi — still hover around 26-34 percent on many Chinese goods after court rulings and negotiations. Chinese officials expect announcements of Boeing aircraft purchases, U.S. agricultural products and energy deals, but analysts doubt anything approaching 2017’s headline-grabbing scale.

Critical minerals and rare earths also feature prominently. The two sides are discussing extensions of existing deals while wrestling over semiconductor restrictions. Artificial intelligence cooperation — or at least guardrails — is expected to surface, reflecting how technology has become a core battleground absent in 2017.

Power dynamics have flipped in subtle but important ways. In 2017, China’s economy was far more dependent on the U.S. market; today the U.S. share of Chinese exports has fallen from about 19 percent to roughly 11 percent. Beijing has diversified trading partners, advanced its technological self-reliance and weathered previous tariff rounds. Xi enters talks from a position of greater confidence, even as China’s growth faces domestic headwinds.

Trump, distracted by the Iran conflict and domestic economic pressures, is seeking tangible wins to bolster his image at home. White House officials speak of “stabilizing” the relationship rather than resetting it. Expectations are modest: possible new dialogue forums on trade and investment, symbolic purchases and commitments to future visits — Xi to Washington in the fall and Trump to the APEC summit in Shenzhen in November.

The personal chemistry between the two leaders has evolved too. They have met multiple times, most recently in Busan in late 2025. Xi has a clearer read on Trump’s transactional style, while Trump has tempered some of the first-term bombast with pragmatic deal-making. Yet underlying suspicions remain. U.S. officials continue to view China as a strategic competitor; Beijing sees Washington as intent on containing its rise.

Security around the summit reflects the stakes. Beijing has imposed heavy restrictions, closing sites like the Temple of Heaven and tightening airspace. The visit occurs against a backdrop of military tensions in the Taiwan Strait and South China Sea that were far less acute in 2017.

Experts describe the gathering as a “risk-management summit.” Both sides want to prevent escalation but harbor little hope for breakthroughs on structural issues such as industrial subsidies or market access. “The relationship is defined more by the absence of friction than by any affirmative agenda,” one former U.S. official noted.

For Trump, a successful outcome might include photo opportunities, modest trade announcements and language committing both nations to dialogue on Iran and nuclear issues. For Xi, hosting the first U.S. presidential visit in nearly a decade allows China to project strength and global centrality even amid its own challenges.

Broader implications extend beyond the two days. The summit could set the tone for U.S.-China relations through the remainder of Trump’s term. A smoother-than-expected meeting might open doors to cooperation on global issues; missteps or overly tough rhetoric could harden positions on Taiwan or technology.

As Trump and Xi sit down Thursday, the contrast with 2017 is stark. Then, the world’s two largest economies appeared on the cusp of a golden partnership. Now, they meet as wary superpowers managing competition while the world watches — distracted by war, worried about supply chains and uncertain about artificial intelligence’s next chapter.

The Forbidden City may not host a private dinner this time. The opera is off the schedule. Instead, closed-door talks in the Great Hall will focus on preventing confrontation rather than celebrating friendship. In that shift lies the story of how the U.S.-China relationship has matured — or hardened — over the past decade.

James Pasieka

Hello. Good afternoon, ladies and gentlemen. Welcome to the Annual General Meeting of the holders of common shares of Surge Energy, Inc.

My name is James Pasieka, and I’m Chair of the Board of Directors of Surge. Joining us online are our directors of the corporation, Myles Bosman, Marion Burnyeat, Daryl Gilbert, Michelle Gramatke, Ryan Gritzfeldt, Robert Leach, Allison Maher, and of course, our Chief Executive Officer, Paul Colborne. Also with us are the members of our executive management team, Murray Bye, Chief Operating Officer; Jared Ducs, Chief Financial Officer; Margaret Elekes, Senior Vice President, Land and Business Development; and Derek Christie, Senior Vice President, Exploration.

We will now proceed with the formal business of the meeting. In order to have the meeting proceed efficiently, certain individuals have been asked to move and second the motions, which are to be called for the notice of meeting. This is not intended to limit in any way your right to participate in the meeting. Any proposed amendments or objections to a motion will need to be submitted as questions. All proposed amendments or objections to the matters to be approved at this meeting will be addressed during the meeting provided that they are submitted during the period when the polls are open.

There will be opportunities for shareholders to ask questions specific to each resolution on the webcast. If you have a question, click on the Messaging icon at the top right of the webcast page. Please read the instructions in the text box before submitting your question. Once you have finished typing out your question, click the Submit button. We will address questions that directly relate

A gauge of regional stocks edged 0.1% higher after US benchmarks closed at record highs. A strong outlook by Cisco Systems Inc. lifted Nasdaq 100 futures contracts 0.5%, reinforcing the bullish narrative for the technology sector. The company’s shares surged 18% in extended trading.

Chinese equities, at their highest level since 2021, were set for a 1% advance, with attention on the summit between President Donald Trump and Xi Jinping in Beijing. Technology shares will be closely watched after Alibaba Group Holding Ltd. and Tencent Holdings Ltd. posted revenue that missed estimates. The offshore yuan is on its best winning streak since 2017.

A drop in oil also helped sentiment on Wednesday, while a $25 billion sale of 30-year bonds saw investors snagging 5% yields on those maturities for the first time since 2007. An index of the dollar was fractionally higher Wednesday, while gold fell for a second session. Investors fled Treasuries after back-to-back US inflation reports this week showed mounting price pressures.

US stocks have pushed to record highs, supported by strong corporate earnings and expectations that AI-driven spending will sustain growth. Traders are also turning to geopolitical developments in Iran and the summit between Xi and Trump for next moves, as concerns mount that the war in the Middle East could keep inflation elevated and weigh on the global economy.

Live Events

“Attention now turns to ongoing geopolitical headlines with President Trump continuing his visit to China and markets remaining highly sensitive to any developments surrounding the Strait of Hormuz,” Nick Twidale, chief market analyst at AT Global Markets, wrote in a note to clients.
Trump arrived in Beijing for the first state visit to China by a US leader in nine years, as the world’s two largest economies look to stabilize ties with a summit playing out against the backdrop of the Iran war.Trump is scheduled to meet with Chinese President Xi Jinping at the Great Hall of the People on Thursday morning.

Elsewhere, US inflation reports this week have shown mounting price pressures, pushing traders to boost wagers on a Fed rate hike in the coming year. The yield on benchmark 10-year Treasuries rose to the highest since July.

US wholesale inflation accelerated in April to the fastest pace since 2022 on a war-driven increase in energy prices that’s feeding into higher freight transportation costs. The producer price index rose 6% from a year ago, according to Bureau of Labor Statistics data out Wednesday, eclipsing economist estimates and coming in after a hot consumer price readout.

“One takeaway is that companies are not passing through costs to consumers across the board just yet,” noted Chris Low at FHN Financial. “But company input costs are sharply higher, which obviously increases pressure to pass through costs in future.”

Separately, the Senate narrowly confirmed Kevin Warsh as chair of the Fed, setting up the most controversial leadership transition at the US central bank in decades and a test of its political independence.

First-quarter profits at S&P 500 companies have surged 27% so far, more than double the roughly 12% analysts had expected — the fastest year-on-year earnings growth outside of recoveries from major shocks since 2004.

The bullish run for US stocks may extend should a recovery in earnings and still-low positioning outweigh the threat from higher bond yields, said Max Kettner at HSBC Holdings Plc.

Morgan Stanley strategists are turning more positive on US equities in a bet that profits and a strong economy will keep the bull market running. The team led by Mike Wilson expects the S&P 500 to reach 8,300 in the next 12 months. The gauge is currently trading near 7,444.

“Resiliency in earnings data despite geopolitical risk, private credit concerns and AI disruption is supportive of our view,” Wilson said.

April was a bad month for inflation. No doubt about it. Both the consumer price index and the producer price index ran hotter than expected. There’s a lot of hand-wringing among the legacy press and the Democratic party. Yet financial markets, which are smarter than the lefty press and the Democrats, hardly reacted to it at all. The S&P 500 and the Nasdaq hit new record highs. The Dow Jones was basically flat. Bond rates are still in their year-long range. World oil prices actually fell slightly.

There is no catastrophe. I’m sure the Federal Reserve and its new chairman, Kevin Warsh, will be keeping a close eye on prices. Yet I doubt if they’ll take any particular actions. The best thing they can probably do right now is nothing. Shrink the balance sheet if possible. Start working on new economic models that show that low unemployment does not cause high inflation. Nor does strong economic growth.

Inflation is running hot right now because President Trump and Prime Minister Benjamin Netanyahu are working hard to finish off Iran once and for all. A temporary bulge in gasoline and other prices is a small price to pay to destroy a country that is the world’s enemy. Like the Nazis of almost 100 years ago. Developing nuclear bombs that will destroy America, Israel, and the rest of the civilized world — if those crazies get a chance to do it. Yet they must never get a chance to do it.

That’s why a couple of months of inflation is a small price to pay. Mr. Trump has of course given middle-class America all kinds of tax cuts that are offsetting most of the $4.50 gasoline. Call it a push. The American economy is strong and resilient. It grew at 2 percent plus in the first quarter. And may grow as much as 4 percent in the second quarter. Unemployment is a low 4.3 percent. Americans are working. That’s a wonderful thing. Yet if we ever backed off Mr. Trump’s commitment to destroy the Iranian regime and their nuclear capabilities, we’d lose everything, including our whole economy. And this must never happen. I’m sure Mr. Trump will tell this to President Xi when they meet tomorrow.

America will not give up. Iran must not have any nuclear capabilities. Look, Mr. Xi helped make Iran the monster that it is today by arming them to the teeth and, through the purchase of 90 percent of Iran’s oil, they financed those arms. Mr. Xi gave them weaponry through a space satellite system. Mr. Xi gave them money denominated in Chinese yuan. Now he’s unhappy because the Strait of Hormuz is closed and the oil has disappeared. Yet don’t expect Mr. Xi to give us much help with Iran. As I said, it was their creation in the first place.

America will take care of Iran. I think the big news today is not so much hotter than expected inflation. It’s that Mr. Trump is meeting with his top military and national security advisers to plan a reopening of project freedom that will reopen the Strait and to complete the combat bombing missions.

Scott Bessent’s Treasury, meanwhile, has apparently turned the lights off at Kharg Island. Bombing could be next. Any of this would destroy what’s left of Iran’s economy. How ironic that Mr. Trump is planning the finishing touches that will end the scourge of Iran, even while he’s meeting at Beijing with Iran’s principal sponsor. Think of that.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Inovio First Quarter 2026 Financial Results Conference Call. [Operator Instructions] This call is being recorded on Wednesday, May 13, 2026. I would now like to turn the conference over to Jennie Willson. Please go ahead.

Jennie Willson
Director of Communications

Good afternoon, and thank you for joining the Inovio First Quarter 2026 Financial Results Conference Call. Joining me today on today’s call are Dr. Jacqui Shea, President and Chief Executive Officer; Dr. Mike Sumner, Chief Medical Officer; Steve Egge, Chief Commercial Officer; and Peter Kies, Chief Financial Officer.

Today’s call will review our corporate and financial information for the quarter ended March 31, 2026, as well as provide a general business update. Following prepared remarks, we will conduct a question-and-answer segment. During the call, we will be making forward-looking statements regarding future events and the future performance of the company.

These statements relate to our business plans to develop Inovio’s DNA medicines platform, including the FDA’s ongoing review of our BLA for INO-3107, including the October 30, 2026, PDUFA target date and our yet-to-be scheduled meeting with the FDA to discuss eligibility for the accelerated approval program, our belief that INO-3107 fulfills the criteria for accelerated approval; the potential benefits of INO-3107, including our belief that it has a positively differentiated product profile and the

Florida wildlife officials signed an executive order on Wednesday to temporarily ban the importation of sloths following dozens of animal deaths at an Orlando facility.

Florida Fish and Wildlife Conservation Commission (FWC) executive director Col. Roger Young said the planned attraction, Sloth World, has relinquished all of its permits after a fatal intestinal infection swept through its animals.

Young confirmed the outbreak is isolated to Sloth World and said inspections of other Class III wildlife facilities in Florida found no widespread issues.

Sloth World was a planned attraction in Orlando, Fla. (Ricardo Ramirez Buxeda/Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)

WORLD’S FIRST SMART DOG COLLAR USES AI TO TRACK PET HEALTH, DETECT ESCAPE ATTEMPTS NATIONWIDE FOR PET PARENTS

The crackdown comes after Sloth World imported at least 69 wild-caught sloths for a planned “Slotharium” exhibit, according to the Sloth Conservation Foundation (SloCo). 

At least 31 of the sloths died before the facility opened to the public and roughly 24 sloths remain unaccounted for.

Following Sloth World’s closure, 13 surviving sloths were relocated to the Central Florida Zoo & Botanical Gardens on April 24 for emergency veterinary treatment.

Three of the sloths that arrived in the most critical condition — Bandit, Habanero and Dumpling — have since died, according to the zoo.

PETA alleges sloths owned by Sloth World died in the dark inside cages. (Florida Fish and Wildlife Conservation Commission inspection report via PETA / Fox News)

AWARD-WINNING PILOT AND WIFE DIE IN PLANE CRASH AFTER DIRTY WINDOWS PROMPT EMERGENCY LANDING, PET DOG SURVIVES

Necropsy reports confirmed the primary cause of death for the animals was severe emaciation, with Bandit also suffering from abnormal fluid accumulation in his body.

The youngest and smallest of the rescued group, a sloth named Mr. Ginger, remains in critical condition in intensive care.

Zoo veterinary staff are working around the clock to save the remaining sloths and recently received a special shipment of fecal samples from healthy sloths at the Los Angeles Zoo to help restore the gut microbiome of the sick animals.

Sloths Mr. Ginger, left, Dumpling and Habanero. (Central Florida Zoo & Botanical Gardens)

DOG TREATS RECALLED OVER FEARS OF SALMONELLA CONTAMINATION, FDA SAYS

SloCo officials said the surviving sloths can never be released back into the wild because their exact origins are unknown. Returning the animals could carry genetic risks to wild populations and the potential of introducing foreign pathogens.

Since sloths have lifespans of over 50 years, the organization said survivors now face a lifetime in human care at accredited Association of Zoos & Aquariums (AZA) facilities.

Earlier this month, U.S. Rep. Maxwell Frost, D-Fla., and Democratic Florida State Rep. Dr. Anna Eskamani visited the Central Florida Zoo to meet with conservationists and discuss overhauling the permitting and importation of exotic animals.

Florida state Rep. Anna Eskamani, left, Sam Trull, co-founder and executive director of The Sloth Institute in Costa Rica, Dr. Rebecca Cliffe, founder and executive director of The Sloth Conservation Foundation, and Orange County Commissioner Nicole (Ricardo Ramirez Buxeda/ Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)

AMAZON’S RING EXPANDS AI-POWERED NETWORK TO HELP LOCATE LOST DOGS

Florida’s temporary 60-day pause on imports will likely have national implications, as roughly 98% of sloths imported into the U.S. enter through Miami.

Wildlife advocacy groups, including The Sloth Institute (TSI), SloCo and People for the Ethical Treatment of Animals (PETA), urged officials to take the executive order further, pushing for permanent federal protections.

Split of sloths receiving medical treatment at the Central Florida Zoo & Botanical Gardens. (Central Florida Zoo & Botanical Gardens / Fox News)

“Sloth World is an egregious example of the damaging effects of the sloth trade on the welfare and conservation of sloths,” TSI Co-Founder Sam Trull wrote in a statement provided to FOX Business.

Rebecca Cliffe, founder of SloCo, added the tragedy has “pulled back the curtain on an industry that is extremely dark and damaging.”

“Why did Sloth World not have to declare the deaths of the sloths in their care?” Cliffe said. “Why was all of this legally able to happen?”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

PETA submitted a complaint April 30 to the Florida Department of Law Enforcement calling for a cruelty investigation into Sloth World co-owners Peter Bandre and Benjamin Agresta.

PETA spokesperson Cydnee Bence told FOX Business the sloths were “snatched from their rainforest homes, endure[d] a terrifying journey, [and] were left to die in a barren warehouse.”

Sloths Bandit, left, and Mr. Ginger. (Central Florida Zoo & Botanical Gardens / Fox News)

“There’s no excuse for tearing animals out of their wild homes just so humans can harass them,” Bence said. “… With Sloth World in particular, it was a mass death by greed. Being confined in a totally unsuitable storage unit, just to be used in a roadside zoo is egregious. 

“PETA is definitely looking forward to seeing Bandre and Agresta being held accountable for their actions and urges everyone to steer clear of any facility that uses wild animals as photo ops.”

The FWC, Sloth World and Central Florida Zoo did not immediately respond to FOX Business’ requests for comment.