Trump won't give AI leaders shield from risk

Key Points:

• Treasury Secretary Scott Bessent emphasized that AI developers must take personal responsibility for their creations rather than seeking liability protections from the federal government, aligning with President Trump's opposition to heavy regulatory measures on AI.
• Bessent discussed his 12-hour meeting with Chinese Vice Premier He Lifeng, where they formalized ongoing AI dialogues and explored communication channels to manage AI-related risks, amid preparations for the upcoming Trump-Xi summit and the Asia-Pacific Economic Cooperation summit in Shenzhen.
• The U.S.-China temporary trade truce is set to expire on November 10, a key focus of Bessent's talks, which also touched on Iran sanctions and the potential implications for China, though no specific details were disclosed.
• Regarding economic policy, Bessent predicted that interest rates would decline after the Iran conflict ends due to increased oil supply, despite the Federal Reserve's recent rate hike aimed at curbing inflation.
• Bessent highlighted the Treasury's recent $5 billion buyback of long-term notes as successful, even as 10-year Treasury yields have risen to levels not seen since 2007, impacting borrowing costs such as mortgage rates.