pledge

Before arriving for his high-stakes summit with Chinese leader Xi Jinping, United States President Donald Trump aimed to set expectations high.

He said he would urge Xi to “open up” China’s economy and announced a delegation of top business executives, including Tesla’s Elon Musk, Apple’s Tim Cook and Nvidia’s Jensen Huang, to accompany him.

As Trump and Xi prepare to wrap up two days of meetings on Friday, the expectations for their summit’s outcome among observers generally are modest at best.

While Trump and Xi are anticipated to extend the one-year pause in their trade war agreed to in South Korea in October, the expectations are for a stabilisation – not revitalisation – in ties between the world’s two largest economies, which are locked in a rivalry that spans everything from trade and artificial intelligence to the status of Taiwan.

“It is important to be clear-eyed about the state of relations here,” Claire E Reade, a senior counsel at Arnold & Porter who previously worked on China at the Office of the US Trade Representative (USTR), told Al Jazeera.

“China does not trust the US, and China wants to beat the US in what it sees as long-term global competition,” Reade said.

“This limits what can be agreed.”

While Trump and Xi have yet to announce the final contours of any trade agreement, the US side has flagged various business deals in the pipeline.

In a pre-recorded interview with Fox News that aired on Thursday, Trump said that China would invest “hundreds of billions of dollars” in companies run by the CEOs in his delegation, without providing further details.

Trump also said that Beijing had agreed to purchase US oil and 200 Boeing aircraft.

Trump administration officials have said that the sides are also discussing the establishment of a “Board of Investment” to manage investments between the countries.

“A realistic ‘opening up’ of the Chinese market would likely focus first on sectors where the economic complementarity is most obvious,” Taiyi Sun, an associate professor of political science at Christopher Newport University in Newport News, Virginia, told Al Jazeera.

“Agricultural goods such as soybeans and beef, as well as high-value-added manufacturing products like Boeing aircraft, are natural areas for expansion because they match existing Chinese demand with American export strengths.”

Sun said a “gradual” opening for US firms in sectors such as financial services could also be possible.

“But those areas are politically and institutionally more sensitive inside China, so progress would likely be incremental rather than immediate,” he said.

Gabriel Wildau, a senior vice president at global business advisory firm Teneo, said both sides will be seeking to address supply-chain vulnerabilities exposed by their trade war.

“The Iran war has likely increased the US’s vulnerability to export controls on rare earths, given the need to rebuild the munition stocks depleted in that war,” Wildau told Al Jazeera.

“Washington will therefore be willing to offer tariff relief – or at least assurances not to impose new tariffs – in exchange for Beijing’s commitment to keep rare earth exports flowing.”

While Trump and Xi agreed to roll back some trade barriers at their summit in South Korea, US-Chinese business and trade remain severely constrained after a decade of tit-for-tat economic salvoes between the sides.

The average US tariff on Chinese goods stood at 47.5 percent after the South Korea summit, up from 3.1 percent before Trump’s first term, according to the Peterson Institute for International Economics.

China’s average tariff on US goods stood at 31.9 percent, up from 8.4 percent in 2018, according to the think tank.

Two-way goods trade amounted to about $415bn in 2025, down sharply from its 2022 peak of $690bn.

Carsten Holz, an expert on the Chinese economy at the Hong Kong University of Science and Technology, said China has less incentive to make concessions to the US than before, amid the rise of its domestic industries.

“Across many industrial sectors, PRC [People’s Republic of China] firms hold leading or controlling positions,” Holz told Al Jazeera.

“As a result, the PRC economy has little to gain from opening further to the US and is likely to only offer largely symbolic gestures.”

Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore, voiced similar sentiments about the limits of US leverage.

“Basically, Trump expects China to buy more stuff from America and let US companies operate more freely in China,” Elms told Al Jazeera.

“What is he offering?” Elms said. “Very little, largely because Trump sees the bilateral relationship as one where the US has been fair and China has not.”

Reade, the former USTR official, said Xi would not agree to any measures that “harm Chinese interests in any way.”

“Instead, China will potentially give the US no-cost ‘gifts,’” Reade said, suggesting such measures could include the removal of trade barriers it placed on US beef.

“It may buy US goods it needs,” Reade said.

“If it allows purchases of US tech products, it will only be because it needs them right now,” she added, “But this does not interfere with China’s strategic plans to eliminate dependence on US technology over the longer term.”

UK PM, who is battling to remain in his job amid resignations of ministers, is expected to hold talks with Streeting.

British Prime Minister Keir Starmer, fighting for his political survival after dozens of his own MPs called for him to resign, promised to press ahead with plans to reform the country before an expected meeting with his potential leadership rival Wes Streeting, the health secretary.

Starmer has so far defied calls to quit from Labour MPs, who blame him for heavy losses in local elections last week and say he has failed to deliver reforms since coming to power in a landslide 2024 election victory.

The meeting in Downing Street will take place before King Charles gives a speech at the opening of parliament – a grand ceremony led by him and used by the government to set out its political priorities and legislative agenda for the year ahead.

A public statement is not expected to follow the Streeting-Starmer meeting to keep the attention on the speech, according to British media reports.

Resignations

More than 80, or almost a quarter, of the prime minister’s elected MPs have called for Starmer to go, and four junior ministers have resigned in protest, including prominent MP Jess Phillips, who said she was tired of seeing “opportunities for progress stalled and delayed”; Alex Davies-Jones, who called last week’s election results “catastrophic”; and Zubir Ahmed, who is a Streeting ally.

Miatta Fahnbulleh, who was the first of four ministers to resign on Tuesday, said in a letter to the prime minister, cited by British media: “The public does not believe that you can lead this change – and nor do I.”

Meanwhile, Starmer said in a statement on Tuesday evening: “Britain stands at a pivotal moment: To press ahead with a plan to build a stronger, fairer country or turn back to the chaos and instability of the past.”

Despite the turmoil, Starmer will take part in parliament’s grand opening on Wednesday.

“The British people expect the government to get on with the job of changing our country for the better. Cutting the cost of living, bringing down hospital waiting lists and keeping our country safe in an increasingly dangerous world,” Starmer said.

A package of more than 35 bills and draft bills will focus on measures to improve the economy, strengthen national security and “reform the state to support a more active government that is on the side of British people”, the government said.

After travelling to parliament and donning the Robe of State, Charles will read a speech written by Starmer’s government setting out the planned new laws.

But the implementation of that speech remains as uncertain as Starmer’s political future. If he were to be removed, his successor would not be bound to follow the same plan.

After spending much of Tuesday behind closed doors at his Downing Street office as he sought to rally support, Wednesday’s ceremony will put Starmer’s struggle for power back in public view.

Paramount Skydance Chairman David Ellison defended his commitment to release 30 movies a year once his media company swallows Warner Bros. Discovery — a goal that some industry observers view as overly ambitious.

During a Monday call with analysts to discuss Paramount’s first-quarter earnings, the tech scion said the target was achievable because his management team would maintain current levels of production. Paramount has doubled its film release capacity to 15 films this year, matching the number of theatrical releases planned by competing Warner Bros.

“The two companies are actually making 30 films to date,” Ellison said. “We really view our pending acquisition of Warner Bros. Discovery as a powerful accelerant to our strategy.”

The company said it was on track to finalize its Warner takeover by the end of September. The $111-billion deal would transform the smaller Paramount into an industry titan with prestigious programming, including Harry Potter, “Game of Thrones,” “Euphoria,” as well as its current slate of Taylor Sheridan-produced franchises, including “Yellowstone” and “Landman.” The combined company also would own dozens of popular TV networks, including CBS, CNN, Comedy Central, Food Network and HGTV.

But the proposed merger would saddle the combined company with $79 billion in debt, stoking fears that Paramount would need to make steep cost cuts to balance such a large debt load. During the quarter, Paramount lined up banks and other institutional investors to provide bridge financing to help pull off the transaction, the company said.

“We’re pleased with the momentum and will continue to take the necessary steps to bring this deal to completion,” Ellison told analysts.

Late last month, Warner Bros. Discovery stockholders overwhelmingly voted in favor of the deal, which will pay $31 a share to Warner investors. The company now must secure regulatory approvals in the U.S. and abroad, and that process is well underway, Paramount said.

Paramount has asked the Federal Communications Commission for permission to exceed a cap on foreign ownership for U.S. media companies. Ellison’s company is expecting $24 billion from three Middle Eastern royal families, who would become part owners of the combined entity. Those total funds will represent about 49% of equity in that new company, exceeding the current foreign ownership cap of 25%.

More than 4,000 filmmakers, actors and industry workers, including Bryan Cranston, Connie Britton, Kristen Stewart, Jonathan Glazer and Jane Fonda, have signed an open letter asking California Atty. Gen. Rob Bonta and other regulators to block the deal, saying it “would reduce the number of major U.S. film studios to just four.”

Late last week, a small group of consumers sued to block Paramount Skydance’s acquisition of Warner Bros. Discovery and unwind Ellison’s Skydance Media’s takeover of Paramount, alleging that both deals reduce marketplace competition.

For the January-March quarter, Paramount’s earnings beat Wall Street’s expectations. Revenue grew 2% to $7.3 billion compared with the first quarter of 2025.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.1 billion, helped in part by growth in its streaming services unit. Paramount+ increased its revenue by 17% to nearly $2 billion, compared with the year earlier period when it generated $1.7 billion. The service added 700,000 subscribers, bringing the total to nearly 80 million.

With Warner’s HBO Max streaming platform, the combined service would boast more than 200 million subscribers.

Paramount reported first-quarter net earnings of $168 million, or 15 cents per share, compared with $152 million in 2025, which occurred before Skydance acquired the media company in August.

Executives pointed to “Scream 7,” a late February release that has topped $200 million in global ticket sales, as a success story. Studio revenue grew 11% to $1.28 billion for the quarter.

Television networks revenue declined 6% to $3.7 billion as Paramount’s cable channels continue to contend with the loss of cable cord-cutters, which reduces the company’s collections from pay-TV providers. Nonetheless, Paramount pointed to the strength of Sheridan’s “Landman,” starring Billy Bob Thornton, Ali Larter, Sam Elliott and Demi Moore, and the strength of the CBS television network, which currently has 13 of the broadcast industry’s top 20 prime-time shows, including “60 Minutes,” “Marshals,” and “Tracker.”

The company told analysts it would achieve $30 billion in revenue for the full year and $3.8 billion in adjusted EBITDA. Paramount said it would also make $2.5 billion in cost-cuts by the end of this year and reduce expenses by $3 billion in 2027.

Paramount said it ended the quarter with $1.9 billion in cash and cash equivalents. It also was carrying $15.5 billion in debt. The company had to draw $2.15 billion from its revolving credit facility to pay Netflix a $2.8-billion termination fee that Warner Bros. Discovery had agreed to pay under a previous deal to sell the company to Netflix.

Paramount released its earnings after Monday’s trading day. Its shares closed at $11.13, basically unchanged.

Paramount Skydance Chief Executive David Ellison made his case directly to theater owners Thursday, pledging to release a minimum of 30 films a year from the combined Paramount and Warner Bros. Discovery company during a speech at the CinemaCon trade convention in Las Vegas.

“I wanted to look every single one of you in the eye and give you my word,” Ellison said in a brief on-stage speech, adding that Paramount has already nearly doubled its film lineup for this year with 15 planned releases, up from 8 in 2025.

He also said all films will remain in theaters exclusively for 45 days, starting Thursday. Films will then go to streaming platforms in 90 days. The amount of time that films stay in theaters — known as windowing — has been a controversial topic for theater owners, as some studios reduced that period during the pandemic. Theater operators have said the shortened window has trained audiences to wait to watch films at home and cuts into theater revenues.

“I have dedicated the last 20 years of my life to elevating and preserving film,” said Ellison, clad in a dark jacket and shirt with blue jeans. “And at Paramount, we want to tell even more great stories on the big screen — stories that make people think, laugh, dream, wonder and feel — and we want to share them with as broad an audience as possible.”

Ellison’s CinemaCon appearance comes as more than 1,000 Hollywood actors and creatives have signed a letter opposing Paramount’s proposed acquisition of Warner. Supporters of the letter have said the deal would reduce competition in the industry and “further consolidate an already concentrated media landscape.”

Some theater operators have also questioned whether the combined company could achieve its goal of releasing 30 films a year, particularly after the cost cuts that are expected after the merger closes.

“People can speculate all they want — but I am standing here today telling you personally that you can count on our complete commitment,” Ellison said. “And we’ll show you we mean it.”

The speech came after a star-studded video directed by “Wicked: For Good” director Jon M. Chu that was shot on the Paramount lot on Melrose Avenue and showcased directors and actors including Issa Rae, Will Smith, Chris Pratt, James Cameron and Timothée Chalamet that are working with the company.

The video closed with “Top Gun” actor Tom Cruise perched atop the Paramount water tower.

“As you saw, the Paramount lot is alive again,” Ellison said after the video. “And we could not be more excited.”