特朗普与习近平会晤：贸易休战延长两月及AI竞争焦点

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We'll track obviously what's happening in the market straight through the close and have full details for you on the late edition of Balance of Power on your drive home. That's at 5:00 p.m. Eastern time. We start though at the White House where President Trump and President Xi kicked off the summit in official form after she arrived last evening at Joint Base Andrews, complete with a greeting from the president of the United States.

Something we've never seen Trump do. full military reception on the south lawn earlier today. The band was playing on the roof of the West Wing and we did hear remarks from these two. None of it was televised though because at that point press credentials had not yet been restored to those reporters who were kicked off campus. CNN MS Now and Politico. If you're with us on Bloomberg TV, we're seeing some images now uh from the uh arrival ceremony last evening at Joint Base Andrews.

Let's go to the White House now with our Washington correspondent, Tyler Kendall, who has been watching all of this unfold. And it does appear uh Tyler, you've got a little more company today on Pebble Beach. What's the latest?

Uh well, Joe, we got a confirmation in the form of a legal filing from the Trump administration that they have indeed restored access to the journalists from the three impacted outlets after President Trump moved to bar them from coverage of the White House. I have to say I was actually standing here and I and I saw the journalists walk in to the White House through the northwest gates where we normally go through, but it was when the camera operators and their camera equipment was able to be cleared into the White House that there was actually a big round of applause here on the White House North lawn as many members of the White House press corps uh were standing there in solidarity.

Now, we should say that this doesn't necessarily mean that the legal battle is over. The judge's ruling here is only on a temporary basis, barring the Trump administration from barring these journalist access while the outlets lawsuit uh proceeds through through the legal system.

We've uh had some news come out of this visit so far. Tyler, I'd like to ask you about deliverables to the extent uh that we know about them. An extension of a trade truce is what we have uh to get our our hands around today, but it's much shorter in duration than either side wanted, isn't it? It is a two-month extension which will bring the deadline Joe to January 10th. We should say that the expectation had been that it would be somewhere between three and six months.

We had the US trade representative Jameson Greer tell Bloomberg television that this just days ago. But even that is shorter than what we know Beijing was pushing for. China had wanted to see this trade truce extended for 2 years which would cover the duration of the Trump administration. That goes to show that there is still these brewing tensions underneath what is a focus on stability in the USChina relationship during this visit by Xi Jinping.

We know the US is pushing for some other deliverables to come out of this including further Chinese purchase uh commitments when it comes to agricultural products. China's only about halfway there in terms of purchase commitments related to soybeans for this year. They are also falling short when it comes to another promise to purchase an additional $17 billion worth of goods uh in the agricultural sector. We'll have to see what else we may get.

Perhaps the firmst deliverable that we will have is that the two sides commit to meet again. We are still waiting for confirmation that President Trump will travel to China for the Apex summer uh summit in November or that Xi Jinping will come back to the US for the G20 summit in December that's being held in Miami. Those are some of the tangibles that we're looking for here. Whether or not we get into some of those more thorny issues, whether that be export licenses related to critical minerals or China's imports of Iranian crude remains to be seen.

All right, Tyler. Also, questions about AI. Some of the initial comments uh were about AI. We'll see if there's any talk of a framework agreement, deconliction line, or anything else that's been reported ahead of this summit. Tyler Kendall, thank you so much. Bloomberg's Washington correspondent on the north lawn of the White House. There's also a big question about rare earths very high on Washington's list here. But we want to walk through all of this uh with Senator Michael Bennett, who I told you was going to be joining us today, his triumphant return to Bloomberg TV and radio, the Democrat from Colorado as a member of the Senate Finance as well intel committees and is a key foreign policy voice around this summit.

Senator, it's great to see you. Welcome back to Bloomberg. Do you expect any deliverables from this reception? Absolutely. Beyond what Tyler just mentioned, do we got a two months extension? Is that it?

I don't think there's going to be much more than that. I think President Trump would rather have the chaos and confusion of something that where he can say check in 2 months later than actually do what we need to do, which is, for example, make sure that China follows through on its commitment with respect to soybeans, which your correspondent was just talking about. They have not honored that deal even as President Trump has been willing to open up RIP on our semiconductors to the Chinese.

So, uh I think it's very disappointing, but it's it's what I've come to expect from a president who's I think pretty erratic when it comes to these negotiations.

Well, I'll tell you the conditions uh surrounding this summit were certainly deliberate when you consider the flourish that we saw on the south lawn today. uh the fetting of shei uh at an opulent state dinner this evening. Even some Republicans are crowing about this senator, the fact that the president met she at Andrews. Is the communist leader of China deserving of this treatment?

Uh I think it's fine to treat the to treat Xi Jinping uh with the respect that he's due as the head of uh of China. It is obviously a worldclass competitor of ours in this country. So I have no issue with that. The issue I have is with his uh taking advantage of us at the negotiating table because we're not showing up uh with a strategic view either on those agricultural exports I mentioned yesterday or in a position of strength.

Think about Donald Trump's choice of war in Iran and what that has done for Beijing. What that has done to solidify their interest not just in the region of the Middle East but around the world. Xi Jinping is meeting with our president at a time when he knows that we have shot off uh our our ballistic missiles to to a degree in Iran that has actually left us exposed to Xi in in the Pacific. That's that's what he's coming to the White House thinking about.

And I think what the American people are concerned about right now is less Donald Trump's building projects in Washington DC than the fact that they're dealing with 7% interest rates on their home loans. The fact that uh the cost of diesel now is over $6 at a time when our farmers and ranchers are trying to do their last work before the winter sets in. And and I and I think they wish they had a president that was focused more on that than throwing reporters out of the White House and the glamour of his dinner with the with the president of China.

Yeah. Well, you went there. Uh I want to ask