Bessent Says US, China Agreed to Extend Trade Truce to Jan 10, More

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Why did President Xi land at Joint Base Andrews instead of the White House?

Caroline Hepker 0:00

AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash Tech London.

Doug Krisner 0:31

News when you want it with Bloomberg News Now. I'm Doug Krisner. Chinese President Xi Jinping is now in the United States. His aircraft landed at 6 p.m. at Joint Base Andrews and it was there he was welcomed by President Trump. This is an unusual diplomatic gesture since U.S. presidents typically receive visiting foreign leaders at the White House. Xi's three-day visit comes at a time when tensions between these two rivals are high over things like artificial intelligence, trade, the war with Iran, and China's designs on Taiwan. Shortly after President Xi landed, U.S. Treasury Secretary Scott Besson told Fox News the U.S. and China have agreed to extend their trade truce until January 10th. Separately, the Chinese government is in possession of potentially sensitive components for the F-35 stealth fighter aircraft.

Doug Krisner 1:24

These parts were inexplicably diverted to Hong Kong while being sent to the U.S. from Australia in late May. We are told the parts include a cockpit canopy and a weapons bay door, both coated with radar-absorbing material. The parts were being shipped by UPS for inspection and possible repair or disposal.

How did the U.S. and China agree to extend their trade truce to January 10?

Doug Krisner 1:43

Here is Bloomberg's Tony Capaccio.

Unknown 1:45

I'm thinking that they're analyzing the material. To me, this is not like showstopper F-35 technology, but it's sensitive enough that in the interest of good relations, China should have returned it. I know the U.S. was pressing for them to get it.

Doug Krisner 2:02

That was Bloomberg's Tony Capaccio. By the way, two congressional committees are also conducting inquiries. The leaders of both OpenAI and Anthropic are urging world leaders to work together on artificial intelligence. Sam Altman and Dario Amadei appeared today before the UN Security Council, and both executives said governments should join industry in making critical decisions about AI's future. Here's Altman.

Sam Altman 2:28

We have a choice in front of us. AI can either be more like a new renaissance of creativity and discovery, or more like a new industrial revolution of upheaval and disarray. As AI becomes more capable, people must remain at the center of AI decision making. Alignment is not an abstract research question. It is the work of ensuring that these systems reliably remain under human control, reflect human values, and help people guide the next stages of development.

Doug Krisner 2:54

Here is Amadei on the risks of artificial intelligence.

Dario Amodei 2:58

The first is misuse of AI models, for example, misuse by bioterrorists to create biological weapons. The second risk is loss of control. If managed poorly, I even believe that AI could be a risk to humanity as a whole.

Doug Krisner 3:11

Meantime, on Capitol Hill, Arizona Democratic Senator Mark Kelly has a proposal to help regulate the economic impact of artificial intelligence.

What are the implications of the diverted F‑35 components found in Hong Kong?

Doug Krisner 3:20

It's been labeled the Make AI Work for Americans Act, and it's designed to protect American workers and to regulate the AI industry. It includes a digital ad tax and an AI usage tax. These revenues would fund support for workers displaced by the technology. Here is Kelly.

Mark Kelly 3:39

You know, I think about this as like being in the space shuttle and the master alarm light is flashing in your face. It's time to act and come up with a plan. And there is the possibility we could have significant job loss. Hasn't come as fast as we thought. However, the technology is moving along and becoming more capable than we anticipated.

Doug Krisner 4:00

Arizona Democratic Senator Mark Kelly speaking on Bloomberg's balance of power. Iran will not allow freedom of navigation through the Strait of Hormuz while sanctions and a U.S. naval blockade remain in place. President Massoud Pazeshkin also said Iran is ready to resume discussions with the U.S., but will not respond to threats.