中美纽约会谈达成AI对话机制并讨论关税

Did you talk about AI artificial intelligence today? There is dialogue. Oh, yeah. That's China's trade negotiator confirming to Bloomberg that I is on the agenda as talks with U.S. officials lay the groundwork for this week's Trump XI summit. Live from Sydney. I'm Paul Allen, and this is insight where we dive deeper into the stories that matter with crucial context and sharp analysis. Well, the US Treasury secretary says the talks with Chinese delegates, including Vice Premier, hear their phone, were very successful.

Trade and investment among topics discussed along with artificial intelligence. We'll be live in New York for the latest in a moment. Saint James's Place investment CEO is going to join the program with his views on why the AI trade remains a powerful long term theme, and why he's watching valuations and concentration risk. Also ahead cut as prime minister calls for Gulf states to work together to restore stability in the region, while the energy minister rejects US claims the Strait of Hormuz is losing its value as a global trade chokepoint.

Those conversations coming up. And I'm going to close she live at JPMorgan's flagship India conference in Mumbai. We'll be speaking exclusively with their co-head of global investment banking, Dorsey Blessing, on the impact of high, high oil prices and rising interest rates on dealmaking activity across the region, especially in India. Uh, top story today. High level talks between the US and China are off to a good start in New York.

U.S. Treasury Secretary Scott Pearson described discussions with Chinese Vice Premier Hillier Fung is very successful. Chinese state media also struck an upbeat tone, calling the talks constructive. The meetings are seen as an important step in laying the groundwork for this week's presidential summit between Donald Trump and XI Jinping. Chief North Asia correspondent Stephen Engle is in New York, joins us now. So, Steve, tell us a bit more about what we're hearing about those discussions.

Well, listen, Gong, who is the, uh, lead, uh, international trade negotiator now under the State Council. So he got an elevation in rank essentially in the last few days or weeks. And he was there along with the lead delegation, uh, the head of Hurley Fung, who you're seeing here getting out of the Escalade or one of the main cars at the at the arrival of the at, uh, JPMorgan Chase headquarters, uh, where they were holding these talks, there were about seven hours of talks, eight hours, if you include a break for lunch.

Uh, they had a long list of things to do, but, uh, Lee Chan Gong, He was sort of cornered by Bloomberg reporters afterwards, and he described the talks as butcher, which simply means not bad. And that's a good sign, because it could have gone bad because there's a lot of issues between China and the United States that haven't necessarily been addressed since the last summit four and a half months ago in May in Beijing.

Donald Trump, you could probably say, has been preoccupied a bit of late with the midterms coming up. But obviously over the last more than seven months of a war in Iran that hasn't necessarily gone to script. So China might have been knocked down the priority list. But today it was clear that that man, Scott Besson, who's leading the US delegation, and Hurley Fung, who leads the Chinese delegation, had a very clear and probably very similar marching orders.

And that is fine deliverables for XI Jinping and Donald Trump in four days time in Washington, D.C., and deliverables on such a short timeframe probably means low hanging fruit. So I they all agree that they probably need to talk. So they're setting up an I dialogue. We don't have the details of what that will constitute, but they've agreed to talk again on the I. That's a low hanging fruit now. But it was something they could deliver.

Also they talked at length about various trade issues now not the sensitive ones necessarily, because that's going to take some heavy lifting. But it's more about the Board of Trade, which the US trade Representative, Jamison Greer, has really talked up. And that is reducing tariffs on non-critical non sensitive products, probably reducing over time the tariffs on some $30 billion worth of goods going each direction.

So we're talking energy to China LNG possibly a which has been cut back by the Chinese. It is the biggest. United States is the biggest LNG exporter. So that is a possible area where the United States gain also on agriculture. On the Chinese side, they might see a lot of their consumer electronics, non high tech electronics having their tariffs reduced. They're in the discussion phase. That is something that they could possibly come to agreement on and extend this trade truce which expires the one year trade truce expires in November.

So maybe some overlap there on on some of the issues concerning trade but on other issues is there is there less overlap? I mean, you mean in terms of talking about I just agreeing to talk, that certainly is low hanging fruit. How does alignment on that front get found when, you know, we've got U.S. tech bosses wanting to pace the frontier and trying to describing that stances scaremongering. Well, what's the path forward?

Well, that's exactly it. They probably did not go down that rabbit hole today, uh, because that's really contentious. As you rightfully said, the Chinese have called those calls to slow the pace of advanced AI development, uh, fear mongering. They also think it's self-serving of the likes of OpenAI and anthropic, uh, to essentially further cement America's lead in AI. China doesn't want to buy into that argument at all.

They are developing their own technology supremacy, uh, that they say some of their models obviously can match or nearly match those frontier models from the United States. So that's not something that, you know that the Chinese are necessarily an agree on. Uh, they probably do agree on that. There needs to be dialogue and a monitoring mechanism, which is something that they've talked about today that they're going to establish not only this dialogue, but a monitoring, uh, uh, process or framework.

Uh, when I is maybe going off the rails, or there are concerns the two biggest economies in the world probably should talk about that. But we're early days right now. No doubt. Right. All right. Bloomberg's chief North Asia correspondent Stephen Engle there in New York. Thank you. Well, Chinese stocks are advancing alongside most regional markets, even as officials provide limited details from the latest round of U.S. and China talks.

So let's check in on how markets are doing with several Hong in Singapore. April. All right. Yeah Paul between the Chinese saying not bad. And Treasury Secretary Scott Best in saying very successful in terms of the talks with his Chinese counterparts, I think it's a positive enough backdrop for stocks in the region today as it sets the groundwork for the Trump meeting later in the week. Of course, it's not just that.

It's also about how crude prices have continued slipping, so that allows investors to continue focusing on the eye fundamentals. You're seeing the cost be in the mix, outpacing gains on Chinese stocks today. Of course, when it comes to the divide on eye safety and how that has appeared as a fresh fault line for the US and Chinese talks this week. You still get the sense that that is not going to derail the determination of the Chinese to make progress on.

I know aside from what we're seeing in stocks, let's take a look at facts. As the yuan has rallied to the strongest level since July 2022, following a string of stronger fixes by the PBoC. And a signal from them is really that they want a stable, gradually appreciating renminbi. Of course, given how trade is likely to feature prominently in the talks, the likelihood of when we see these stronger yuan uh signals also helps to reduce some of the friction somewhat.

Aside from that, also