US Treasury Secretary Scott Bessent met with China's Vice Premier He Lifeng to discuss the creation of a new "notification mechanism" for AI incidents that could impact national security. Bessent made these remarks after what he described as "successful" talks in New York. This meeting precedes a summit between US President Donald Trump and Chinese President Xi Jinping scheduled for later this week.
Bessent emphasized the importance of transparency in AI development between the two leading global powers, stating, "We think that, just like with any cross-border activity, that moving from opaque to more transparency between the number one and the number two AI powers in the world is very important."
The discussions also included plans to operationalize a process for identifying potential tariff cuts on goods, as the truce in the ongoing tariff war between the US and China is set to expire on November 10.
Chinese state news agency Xinhua reported that both parties engaged in "candid, in-depth and constructive exchanges on key economic and trade issues," including AI. Bessent noted on social media that the talks would help advance America's economic interests.
The US and China are competing for dominance in the AI and technology sectors. Recently, there have been calls in Washington to slow AI development due to concerns about its potential negative impacts. Trump has largely dismissed these concerns, asserting that the US must maintain its competitive edge over China, stating, "whoever wins in AI, wins."
In previous meetings, including one in May when Xi hosted Trump in Beijing, AI collaboration was a key topic, resulting in agreements for China to purchase Boeing jets and US agricultural products in exchange for lower tariffs.