Trump-Xi Spotlight AI, Xi Taiwan Independence Warning, More

episode

Bloomberg News Now 8 min 9 speakers 7 chapters transcribed just now

▲ 0

Transcript

jump: chapters · speakers · find in transcript

Transcript

Transcript generated automatically by AI and may contain errors.

What are the key AI positions of President Trump and President Xi at their summit?

Carol Masser 0:01

Hi, I'm Carol Masser with a helpful tip to keep you plugged in throughout the market day. Subscribe to the Stock Movers Report from Bloomberg. These are short audio episodes, five minutes or less, delivered right to your podcast feed. Stock Movers fills you in on the day's winners and losers on Wall Street and tells you about the news and data that's driving those gains and losses. Why spend all day watching tickers scroll across your screen? Subscribe to Stock Movers today on Apple, Spotify, or anywhere else you listen.

Doug Krisner 0:31

News when you want it with Bloomberg News Now. I'm Doug Krisner. President Trump and Chinese President Xi Jinping addressed the competition between the U.S. and China today over artificial intelligence. At the summit of these two leaders, Trump argued for unfettered development of AI. However, Xi indicated an openness to setting boundaries and ensuring the development of AI is always under human control. Here is Bloomberg's Mike Shepard.

Mike Shepard 0:56

China certainly has raised its own safety questions toward the U.S., especially with the development of advanced models like Mythos, which have that super capability to break into almost any system, at least according to Anthropic. So we do see a little bit of divergence between the two leaders there.

Why does Senator Stephen Daines say the U.S.–China relationship is ‘too big to fail’?

Mike Shepard 1:15

But that does not mean that there will be any sort of grand bargain coming out of this on AI.

Doug Krisner 1:19

That is Bloomberg's Mike Shepard. At the same time today, President Trump hailed what he called a truly great friendship with Xi Jinping, and Xi said he is willing to create a more stable, sustainable, and healthier future for U.S.-China relations. Here is Montana Republican Senator Stephen Daines.

Stephen Daines 1:37

I think when you step back, it's just very important to remember that the United States and China are the two largest economies in the world by far. They comprise about 42% of the world's GDP. It's the world's two largest militaries. Of course, the two countries that have leadership in terms of frontier models of AI. So I look at this relationship as really too big to fail.

Doug Krisner 2:02

That was Montana Republican Senator Stephen Daines. Separately today, China's Xinhua News Agency reported President Xi saying the U.S. should adhere to the correct position on opposing Taiwan's independence. negotiators for the U.S. and Iran are exploring a phased deal to reopen the Strait of Hormuz. This would include the U.S.

What warning did President Xi give about Taiwan’s independence?

Doug Krisner 2:23

lifting its naval blockade of Iranian ports. Now, Qatari officials mediated negotiations on the sidelines of the U.N.' 's General Assembly. We are told the deal would be similar to the Memorandum of Understanding struck in mid-June, although that did collapse just weeks later. Here is Bloomberg's Dina Isfandieri.

Dina Isfandieri 2:42

If this goes through, and I have to say I'm quite sceptical, it's definitely good news. But it would be temporary and there would be a lot of scope for it not to be implemented properly. And that really is what I'm worried about, because I think that neither side right now, not the Americans, not the Iranians, neither side is really ready to make the concessions necessary in order for the war to end in a lasting manner. And that's the problem.

Doug Krisner 3:07

That is Bloomberg's Dina Esfandieri. Interestingly today, a White House official said President Trump does remain open to talking with Iran, although he doesn't need to negotiate because the U.S. is in a strong position. The Republican-controlled Senate defeated a Democratic resolution to end the war in Iran in a very close vote, 49 to 50. More from Bloomberg's Amy Morris.

Amy Morris 3:31

The vote was largely symbolic, but it was also seen as a chance for vulnerable Republicans to distance themselves from the war ahead of the midterms.

How are the U.S. and Iran negotiating a phased deal to reopen the Strait of Hormuz?

Amy Morris 3:40

Several Republicans said they would like to see the war end quickly, but they're not yet willing to rein in Trump's power to wage it. Most Republican senators facing voters in the fall opposed the resolution. Voters are anxious about the war driving up prices, and endangered GOP lawmakers increasingly fear a voter backlash in the election. In Washington, Amy Morris, Bloomberg Radio.

Doug Krisner 4:03

Crude oil prices rallied after tensions flared in the Middle East.