Trump Welcomes Xi, US Unveils Two-Month China Truce Extension, More

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What is the main topic discussed in this episode?

Barry Ritholtz 0:00

Hi, I'm Barry Ritholtz inviting you to join me for the Masters in Business podcast. Every week we bring you conversations with the people who shape markets, investing and business. I speak with CEOs, Nobel laureates, market innovators and legendary investors. Whether you own stocks, bonds, real estate, commodities, even crypto, these are discussions you absolutely need to hear. Subscribe to the Masters in Business podcast on Apple, Spotify or anywhere you listen. Thank you.

What happened when President Trump welcomed Chinese President Xi to the United States?

Doug Krisner 0:31

News when you want it with Bloomberg News Now. I'm Doug Krisner. Chinese President Xi Jinping is in the United States now for a three-day visit. His aircraft landed at about 6 p.m. at Joint Base Andrews, where he was welcomed by President Trump. Xi said he was confident the trip would produce fruitful results. And shortly after his plane landed, U.S. Treasury Secretary Scott Besant told Fox News the U.S. and China have agreed to extend their trade truce until January 10th. Here is Besant.

Scott Bessent 1:02

I don't know whether a bigger deal can be done. I don't know whether we will just roll the current deal. There are some deliverables that have not been perfect on the Chinese side. So we also want to see, now that we've sat down and told them our expectations, to see if over the coming months they can be a bit more fulsome in enacting

Doug Krisner 1:23

the agreement.

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

Doug Krisner 1:24

That was U.S. Treasury Secretary Scott Besson speaking to Fox News. Separately, the Chinese government is in possession of potentially sensitive components for the F-35 stealth fighter aircraft. 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. Here is Bloomberg's Tony Capaccio.

Tony Capaccio 1:58

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 2:15

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 2:40

We have a choice in front of us.

Why are the sensitive F‑35 stealth fighter components in China a diplomatic concern?

Sam Altman 2:43

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

Doug Krisner 3:06

development. Here is Amadei on the risks of artificial intelligence.

Dario Amodei 3:10

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 3:24

Meantime, on Capitol Hill, Arizona Democratic Senator Mark Kelly has a proposal to help regulate the economic impact of artificial intelligence. 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 3:51

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 4:13

Arizona Democratic Senator Mark Kelly speaking on Bloomberg's balance of power.