U.S., China should ‘harbor no illusions’ as they cooperate, compete on AI, Bessent says

U.S. Treasury Secretary Scott Bessent said Washington and Beijing should "harbor no illusions" as the two countries cooperate in some areas and compete intensely on artificial intelligence, according to CNBC. The remark signals that the U.S. government views AI leadership as a strategic contest, which points to a transmission channel running through policy risk and regulatory uncertainty: export controls, chip access, and restrictions on technology transfer can reprice Chinese equities and the valuations of companies dependent on advanced semiconductors and cloud infrastructure. China-listed technology and internet names are most directly exposed, since their growth outlooks depend on access to Western hardware and on the likelihood of further sanctions or investment screening. Exposure also extends to U.S. semiconductor and AI-infrastructure firms with significant China revenue, where any tightening of licensing rules would hit sales and guidance. Traders should watch any formal announcement of expanded export-control rules from the Commerce Department and the next round of U.S.-China trade or dialogue meetings for concrete signals on whether the rhetoric translates into enforceab

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