Deflation over for now; MOFCOM responds to US distillation advisory; DeepSeek IPO and new model; Xi-Trump summit

Expectations should be low for US-China AI discussions around Xi’s upcoming visit, not only because of this advisory and the response but also because the US side is far from having any sort of coherent approach to regulation, or even empowered staff to figure out what to do. Politico just reported that Sam Corcos, CIO at the Treasury Department and Secretary Bessent’s top AI advisor, has been “reassigned.. away from AI policy after the adviser relayed private misgivings over White House policy

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