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Tech News
Treasury Secretary Scott Bessent's department is facing increased internal pressure amid departures of staff and goals that have not yet been met, according to the report. Details on which specific targets have been missed and which officials have left were not fully specified in the available summary.
Nvidia CEO Jensen Huang told CNBC that training AI models on the outputs of other companies' models amounts to competition rather than theft, pushing back on Treasury Secretary Scott Bessent's July characterization of the practice as theft. Bessent had threatened sanctions against overseas firms using distillation to extract capability from U.S.-built AI models. Huang said companies studying and even reverse-engineering Nvidia's own products is something he'd rather avoid but accepts as part of competition.
President Trump said Treasury Secretary Scott Bessent will not become his artificial intelligence czar, contradicting earlier Semafor and Reuters reports that he was under consideration for the post. Trump stated on Truth Social that Bessent does not want the role and is doing well at Treasury, where Trump wants him to stay.
Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng announced plans for an AI notification system that would let Washington and Beijing warn each other of AI-related national security incidents. Trump administration officials say key details, including what qualifies as a reportable incident and formal Chinese commitment, remain unresolved, though they hope to have a framework ready by the time Bessent and He meet again in Shenzhen in two months.
Treasury Secretary Scott Bessent said the US and China have discussed creating an AI safety notification mechanism, allowing either country to alert the other if its AI systems pose risks or behave unpredictably. The proposal comes ahead of a Trump-Xi meeting, and follows continued US export controls and a Justice Department case accusing six Chinese AI firms of stealing US technology, which China disputes.
Following talks between Treasury Secretary Scott Bessent and Vice Premier He Lifeng, the US and China have proposed a direct communication channel for reporting AI-related incidents, particularly those involving autonomous systems that could be mistaken for attacks. The plan is expected to be discussed further when Xi Jinping visits Washington on September 24, with additional AI safety talks scheduled two months later.
Treasury Secretary Scott Bessent said the United States has proposed a 'notification mechanism' allowing the U.S. and China to alert each other about AI incidents that could threaten national security. The proposal emerged from weekend talks between Bessent and Chinese Vice Premier He Lifeng in New York, held ahead of a Thursday meeting between President Trump and Xi Jinping. Officials also said they had agreed to operationalize a new 'Board of Trade' first discussed in May and were exploring tariff reductions on nonsensitive goods like agriculture, energy and medical devices.
MS NOW, CNN and Politico are suing President Trump after he barred their journalists from White House grounds over the weekend, citing dissatisfaction with their coverage of his administration. The outlets argue the ban violates the First Amendment, and their lawsuit is being filed in the same court handling a similar case brought by The Associated Press.
Treasury Secretary Scott Bessent said US and Chinese officials have begun talks on a US China AI Dialogue framework, under which the two nations would notify each other of AI incidents posing national security risks. The initiative revives discussions from Trump's May visit to Beijing and would include recurring meetings to align on shared AI threats and goals.
Treasury Secretary Scott Bessent said the US and China discussed creating a new AI dialogue and a mechanism to notify each other of AI incidents with national security implications, as part of weekend talks preceding this week's Trump-Xi meeting. Details on which agencies would run the system or what would trigger an alert remain undefined, though experts say the agreement to keep talking marks a meaningful diplomatic step.
Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng in New York to discuss economic and trade issues, including AI, tariffs and rare earths, ahead of a planned summit between President Trump and Chinese President Xi Jinping in Washington. U.S. Trade Representative Jamieson Greer also joined the discussions, which Bessent described as laying the groundwork for the leaders' meeting.
CNBC reported that the U.S. Treasury Department is considering tapping its roughly $950 billion General Account to help finance its bond buyback program. Senior Treasury officials did not specify how much of that fund would be used but confirmed it remains an option after Secretary Scott Bessent unexpectedly expanded the buyback effort last week. Treasury yields fell following the report.