Australia joins calls for AI guardrails ahead of Trump-Xi meeting

Treasury Secretary Scott Bessent disclosed on Sunday that the United States has proposed a new "notification mechanism" for AI incidents that could impact national security, as part of weekend talks preceding a White House meeting between President Donald Trump and China's Xi Jinping. According to Bessent, who spoke to reporters after discussions with Chinese Vice Premier He Lifeng in New York, "We want a shared vision of common goals and common threats."

He emphasized the importance of transitioning from opacity to increased transparency between the world's top two AI powers. President Trump has opposed proposals to slow down AI development, arguing it would enable China to overtake U.S. companies.

Bessent and U.S. Trade Representative Jamie L. Raskin affirmed that the groundwork was laid for talks between Xi and Trump, scheduled for Thursday. Greer stated that the two sides agreed to operationalize a new "Board of Trade," which the leaders had discussed during their May meeting in Beijing. Greer added that the countries are still discussing "nonsensitive" items that could potentially include consumer and agricultural goods, energy products, and medical devices for lower tariffs.

Chinese state media Xinhua reported that Bessent and He had discussions on matters "relating to AI" without mentioning specifics and also engaged in "candid, in-depth and constructive" dialogues on key economic and trade issues. George Chen, a partner and chair of digital practice at The Asia Group consultancy, noted in comments to Fortune.com that the agreement to continue the dialogue signifies a precedent that other countries may follow.