特朗普与习近平即将会晤，AI监管成焦点

Live from Washington, D.C. this is Balance of Power with Joe, Matthew, and Kailey Lines. Counting down to the summit and the state Dinner with I on the menu. Welcome to the Wednesday edition. As artificial intelligence leads the agenda in the Trump XI summit about to begin this evening, I'm Joe Matthew alongside Kailey Leinz in Washington, where she will be touching down hours from now. Kelly I is, of course, on the agenda domestically, but it's something Washington hasn't been able to get its arms around yet.

Know, as President Trump has pushed back on the need to regulate this technology, doing so on the floor of the United Nations General Assembly just yesterday, suggesting he rejects a push for a global regime to rein in artificial intelligence. He wants to encourage it and win the race against China. Which brings us back to the summit that will be happening with XI and his greeting of XI Jinping at the airport at Andrews Air Force Base this evening.

Yep. That's right. And that will tick off a whole series of events that may or may not be televised. We're still waiting to hear what happens to TV pool coverage at the white House, a case that's going to court today, uh, just about 2.5 hours from now. Could resolve in a ruling this evening or not. Kelly, as these news organizations CNN, MSS now Politico still banned from the white House and that has resulted in a solidarity among TV networks to provide no pool TV coverage and something that would probably be considered good news by President XI.

Yeah, and perhaps by President Trump as well. Maybe not not having any TV cameras there. But he did tell CNN in New York that they shouldn't be here covering him in the first place. So he still seems to be holding firm, at least his rejection of certain outlets. But it is going to be up to the courts to decide. And the president has suggested he thinks that it is maybe likely the court isn't going to side with him in this instance.

So we'll get into all of that this hour. But back to artificial intelligence and how to regulate it. It's not just about the speed of AI development. It's also how the workforce response and what the government needs to do to enable workers to be able to adapt in this new era of technology. And that's the conversation we had. Democratic Senator Mark Kelly of Arizona, who has some new legislation, a different wrinkle than some of the approaches that we've heard.

I believe there is a killswitch involved in the greater bill, but this would actually tax users and would have a digital tax as well to provide unemployment benefits, essentially for what could happen once AI evolves in that direction. We'll have that conversation with Senator Kelly for you. Are panels in place, Rick Davis and Jenny Zeno. And of course, we're always watching Wall Street. Indeed. And what a day it is today in the bond market especially.

Am I looking at a ten year yield up 14 basis points. Charlie Pellet in New York. Do my eyes deceive me? What's happening? You know, Kailey, funny you should mention it because once in a while you see a quote go by and you do a double take. I did that today with a ten year, 5.10% right now on the ten year. In addition to that, we've also got rising energy prices. Bottom line, equities selling off right to the numbers with the S&P moving lower down 58 right now down by about 8/10 of 1%.

We've got the Dow lower by 308. Dow industrials down 6/10 of 1%. A retreat for Nasdaq and the Nasdaq 100 index both hit records yesterday. Right now they are lower by 1.2% on Nasdaq. The Nasdaq 100 index declining by 1.1%. All of us with the stocks. The Philadelphia Semiconductor Index. No strangers to big move up or down right now declining by 2.2%. The VIX just above 15. The two year 4.93%. And that ten year now 5.11% 30 year 5.39%.

Gold is down 1.9% 4279. The ounce West Texas Intermediate crude just above 91 a barrel, up 9/10 of 1%. Brent 122 up now by 3%. Mortgage rates holding close to the highest level in more than two years, weighing on a housing market already suppressed by elevated prices and sluggish sales. Mortgage Bankers Association puts the 30 year now at 7.1%. Mortgage rates, of course, closely track the ten year and that ten year, 5.12% for On-Demand use 24 hours a day.

Subscribe to Bloomberg News Now wherever you get your podcast. John Kelly that's a Bloomberg Businessweek. All right, Charlie Pallett running us through the remarkable market action today. And in the bond market specifically, it's not just the ten year I would point you to the five year as well, as we just got the results from a five year auction, $70 billion worth. And perhaps no surprise, given the movement we were already seeing going into the auction.

Pretty big tail. The pre issue, uh, when issued yield 5.02%, drawing 5.033%. The five year yield Joe now up 19 basis points on the day to 503. That is really something. And we're going to have to continue to keep our eyes on it um throughout the hour. But of course, the other story that is dominating Washington today and that Wall Street we'll also be paying attention to as to what, if anything, comes out of this summit between President Trump and China's XI Jinping.

We know trade and tariffs, the war with Iran, Taiwan and yes, artificial intelligence are on the agenda. The question is whether talking about it gets us to any real deliverables in the aftermath. Well, that's right. And look, lawmakers are talking about it. In many cases. Democrats and Republicans are agreeing on this. You know, the president has called attempts to regulate a global scheme. Just as recently as yesterday.

We've heard about kill switches. We've heard about pacing the frontier. But there's a new bill from Senator Mark Kelly of Arizona, who he spoke with a short time ago called the make I work for Americans Act to protect American workers specifically and regulate the I industry. It would come with some taxes. Kelly a digital ad tax and an AI user tax that would essentially create a fund to support workers impacted by the industry.

We got into this a short time ago with the Democrat from Arizona, and started by asking him if this is preparing for a white collar wipeout. Well, I don't think we know Joe. Um, but I think we have to be prepared. I would think about this. You know, I think about this as, like being in the space shuttle in the master alarm. Light is flashing in your face. It's time to act and come up with a plan. Um, 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. So I think it's appropriate now, especially when you consider the United States Congress and how hard it is like shepherd legislation through and eventually get it to a president's desk to be signed. You know, I think we need to establish a fund, generate some revenue, and then we could use that revenue to give people options When or if they lose their job and are trying to figure out what are they going to do next.

What would you say, Senator, if one of the AI labs were to push back on taxes like this, including on excess profits, and saying, well, that's less. We have to invest in R&D and to try to win a race against China. That President Trump is framing this entire conversation around. Is there a chance that regulating or putting into place legislation like this gives China a step ahead? Well, Kelly, I've had conversations with CEOs of the of the major AI companies and they realize, uh, the impact that their technology could have on the workforce.

And they understand that there is an enormous amount of revenue that's going to be generated for them. Uh, when people when the, when these AI models are used to replace people. And from my conversations with them, it's pretty apparent that they they think they should be part of the solution. Uh, and they're, you know, uh, you know, they're agreeable that they shou