Trump and Xi Prepare for Meeting, Oil Extends Decline, More

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What are the main agenda items for the upcoming Trump‑Xi summit?

Lucas Shaw 0:00

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News when you want it with Bloomberg News Now. I'm Nathan Hager

Karen Moskow 0:30

and I'm Karen Moscow.

Nathan Hager 0:32

Karen, we begin with this week's high stakes summit between President Trump and his Chinese counterpart Xi Jinping. Before the Chinese president arrives in Washington on Wednesday, the US and China have agreed to open a new dialogue on artificial intelligence. Treasury Secretary Scott Bessent led high level talks with top Chinese officials over the weekend. He says they were very successful.

Scott Bessent 0:55

We think that uh just just like when any cross border activity that moving from opaque uh to more transparency between the the number one and the number two AI powers in the world very important.

How will the new US‑China AI dialogue affect global technology competition?

Nathan Hager 1:10

That was Treasury Secretary Scott Besson in China's Xinhua News Agency described the talks as quote candid, in depth and constructive. The discussions between Presidents Trump and She are expected to center on AI competition as well, along with trade, semiconductor exports, and potential Chinese electric vehicle manufacturing in the US.

Karen Moskow 1:27

Well Nathan, we're learning more this morning that Microsoft CEO Satya Nadella is planning to attend the White House state dinner for President She later this week. Sources say he'll be joining leaders at Apple, OpenAI and NVIDIA as well as Qualcomm. Bloomberg reported last week that Apple executive chairman Tim Cook is also set to attend the dinner on Thursday.

Nathan Hager 1:48

And Karen President Trump also says he is open to meeting with Iran's president as the UN General Assembly gets underway this week in New York. The President told Fox News he's in quote deciding mode on Iran and some big things may happen in the not so distant future. Meantime, Cotter's energy chief says Treasury Secretary Besant is wrong to suggest the Strait of Hormuz will become worthless in a couple of years as countries build pipelines to bypass it. Qatari Energy Minister Saad El Kaabi spoke at the Qatar Economic Forum in New York powered by Bloomberg.

Unknown 2:19

I mean we have a few countries that have waterways outside the Gulf, but the rest of the countries are all inside the Gulf. So you have a lot of trade other than oil and gas that is needed. So to to call it obsolete uh I think is wrong.

Nathan Hager 2:32

Saad al Kahabi is also CEO of Qatar Energy and this morning oil is dropping for a fourth day.

Why are top tech CEOs like Satya Nadella, Tim Cook and others attending the White House state dinner?

Nathan Hager 2:37

Brent is set for its longest run of decline since June. The head of US Central Command says crude and liquefied natural gas flows through Hormuz are running at a six month high.

Karen Moskow 2:46

Stell Nathan US retail diesel prices, they've topped six dollars fifty cents a gallon. For the first time, global supplies have been squeezed by the Iran war and Russia's ban on most exports of the fuel. The surge has led to speculation that the Trump administration might impose export curbs of its own, but interior secretary Doug Bergum has said that would not bring down prices.

Nathan Hager 3:07

And Karen, of course, diplomatic efforts continue to try to end the conflict. Iran has been sending the US conditions to resume negotiations through mediators from Qatar. Majid Al Ansari is an advisor to Qatar's prime minister.

Unknown 3:20

For the past couple of weeks now we've been going back and forth uh over uh different ideas for this talk the the talk since uh the uh return the possibilities to uh to the region. We've been working together to see uh our mediator uh team in the both uh Tehran and uh uh uh the US to see what we can get big started again.

Nathan Hager 3:38

Qatar's Majid Al Ansari spoke with Bloomberg this weekend at the Qatar Economic Forum. You can catch Bloomberg this weekend every Saturday and Sunday at 7 a.m. Wall Street time on Bloomberg Radio and Television and the Bloomberg Business App.