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Good morning from the Financial Times. Today is Tuesday, June 20th.

And this is your FT News Briefing.

The US and China attempt to smooth tensions. Swiss bank UBS will inherit

hundreds of millions of dollars in regulatory fines.

And the aerospace industry says that flying taxis could soon be on the horizon.

I'm Josh Gavartoyal, in for Mark Filipino, and here's the news you need to start your day.

US Secretary of State Anthony Blinken has met with Chinese President Xi Jinping and other

top Chinese officials as part of a long-awaited state visit to Beijing.

Ties between the countries have been rocky. The US is concerned about Chinese

increasing military activity around Taiwan and it's refusal to condemn Russia over its invasion

of Ukraine. Both Blinken and Xi appear keen to indicate that the two countries were now

preparing for a thaw in relations. James King, the FT's Global China Editor, give us a read-out

from the trip. We need to separate the messaging that came out of the meeting

from the underlying tensions that still undoubtedly exist between the US and China.

On the positive side of the ledger, this is the first visit by a US Secretary of State to China

since 2018. So that's a pretty big moment in itself. The other positive signaling was that both

sides really seem to praise the talks that had taken place. Xi Jinping said that progress had been

made and agreement had been reached on some specific issues. He also said that China respected US

interests and would not challenge or replace the United States. This type of signaling is very

different from what we've become used to with the US-China relationship over the last several years,

...