US, China to cooperate on managing AI risks: Bessent

US Treasury Secretary Scott Bessent said on Tuesday that the United States and China will cooperate on managing risks from artificial intelligence but cautioned against illusions about the differences between the two countries.

Speaking at the National Committee on US-China Relations 60th Anniversary Gala Dinner in New York City, Bessent said: “The US trade imbalance with China has long been a source of friction, and unlike a political class that tolerated China’s practices, President (Donald) Trump has taken decisive steps to address them.”

“Let me state firmly and unequivocally tonight, as we work toward a more balanced relationship, our objective is to de-risk, not to decouple,” he said.

“For decades, the American economy has grown too dependent on foreign supply, while China’s has become increasingly reliant on foreign demand. In other words, the United States must produce more of what we consume, while China must consume more of what it produces,” he added.

“Working together, we can strengthen both of our economies without perpetuating the imbalances between them,” Bessent said.

He said the administration’s “renewed emphasis on economic strength does not reflect hostility toward our trading partnerships.”

“After decades of imbalance, we are restoring a spirit of reciprocity for the benefit of both our peoples,” he said.

Read more: China, US agree on trade, AI cooperation

Bessent said the US and China, at Trump’s direction, have begun a new dialogue on AI “designed to guard against shared risk and prevent misunderstandings between our two systems.”

“We also expect to exchange best practices for evaluating and testing advanced models before their release and for keeping human judgement firmly in command of this technology,” he said.

He said the two countries are establishing a direct channel so that either nation can promptly alert the other to serious incidents involving its AI models.

“We should harbour no illusions about the differences between the United States and China,” Bessent said. “Our interests will not always coincide, and our approach to every challenge likewise will not always converge.”

Leaders to meet next week in China

Bessent said he will join Trump in Shenzhen next week for a meeting with Chinese President Xi Jinping ahead of a fourth meeting between the two leaders in Miami.

“President Trump and President Xi agree that the United States and China should build a constructive relationship on the basis of balance and reciprocity,” he said.