Trump-Xi Reach Truce Extension; Iran Defiant at UN

SPEAKER_1 (0:02)

Bloomberg Audio Studios. Podcasts, radio, news.

Nathan Hager (0:09)

Good morning, I'm Nathan Hager.

Karen Moskow (0:11)

And I'm Karen Moskow. Here are the stories we're following today.

Nathan Hager (0:15)

Karen, we begin in Washington, where Chinese President Xi Jinping has arrived for his first state visit in more than a decade. The high-stakes summit with President Trump has already delivered at least one result on trade. Treasury Secretary Scott Bessent announced it on Fox News.

Scott Bessent (0:31)

We have agreed today that we will extend what we call the Busan Agreement, the economic detente between the two countries that was scheduled to end on November 10th. That is going to be extended until January 10th to give us more time to see what we can do on the economic front.

Nathan Hager (0:52)

Again, that was Treasury Secretary Scott Bessent on Fox News. Bloomberg News China reporter Colin Murphy reports that limited extension could be disappointing to both sides.

Colin Murphy (1:01)

Earlier in the week, James Seagreer was saying that although the two sides were divided on the nature of the truce, you know, the US could sort of support something between three and six months. Meanwhile, the Chinese side were looking for something much, much longer, up to a year, even longer than that.

Nathan Hager (1:17)

Still, Bloomberg's Colin Murphy reports the two-month extension will cover two world leader summits in Shenzhen, China and Miami when both Presidents Trump and Xi could meet again.

Karen Moskow (1:27)

Well, Nathan, this week's meeting kicked off with a rare honor for President Xi, a personal greeting from President Trump.

The President and First Lady Melania Trump shook hands with Xi and his wife, Peng Li Yuan, as they arrived at the tarmac at Joint Base Andrews. It's the first time a President has greeted any world leader besides the Pope at the airport since 1962 President Trump will give the Chinese leader another formal welcome later this morning at the White House.

Nathan Hager (1:59)

And then tonight, Karen, President Trump hosts Xi for a lavish state dinner. The guest list includes a who's who in finance and tech from NVIDIA CEO Jensen Wong and Apple Executive Chairman Tim Cook to Jamie Dimon of JP Morgan Chase. And that's not all as we hear from Bloomberg senior editor Bill Ferris in Washington.

Bill Ferris (2:17)

Jane Frazier of Citigroup, Jeff Bezos of amazon.com. I think in part that reflects, you know, the tech leaders have been there for President Trump since his inauguration. And the fact that AI, the data center issue, is going to be part of the discussions. It may not be part of a major breakthrough, but it's definitely the political context that's taking place right now.

Nathan Hager (2:38)

Bloomberg's Bill Ferris reports President Xi did not bring his own business delegation, and that's dampening hopes for any major deals to come out of this summit.

Karen Moskow (2:46)

Well Nathan, the United Nations General Assembly continues in New York, and the gathering has given Iran's President Masoud Pezeshkian a rare opportunity to criticize the US war against his country on American soil.

Masoud Pezeshkian (3:01)

I had prepared a speech to present to you yesterday. The United States President described us as terrorists.

We have been the victims of terrorism.

Karen Moskow (3:16)

And speaking through an interpreter, Iranian President Masoud Pezeshkian told the UN General Assembly his country is ready to resume negotiations with the US but will not respond to threats. Secretary of State Marco Rubio reacted on the UN sidelines.

Marco Rubio (3:31)

I don't know what standing Iran has to lecture anyone on human rights or the international system when they habitually violate it. They violate the sovereignty of every one of their neighbors by sponsoring terrorist organizations that reside within the borders of those countries. They slaughter their own people.

Karen Moskow (3:44)

Those comments from Secretary of State Rubio came after US envoys held indirect talks with Iranian officials earlier this week. This morning, Iran's semi-official Fars News Agency is reporting the war could expand from the Strait of Hormuz and the Red Sea to the Indian Ocean if the US or Israel resume attacks. The report cites an advisor to Iran's supreme leader.

Nathan Hager (4:05)

Karen, artificial intelligence has also been a big subject at the UN Security Council. Both OpenAI CEO Sam Altman and Anthropics CEO Dario Amadei said governments should join the industry in making critical decisions about the technology's future. Here's Sam Altman.

Sam Altman (4:20)

We have a choice in front of us.

AI can either be more like a new renaissance of creativity and discovery or more like a new industrial revolution of upheaval and disarray. As AI becomes more capable, people must remain at the center of AI decision making. Alignment is not an abstract research question. It is the work of ensuring that these systems reliably remain under human control, reflect human values, and help people guide the next stages of development.