US-China AI fight splits Silicon Valley over open-source models
Why it matters: Chinese startups Z.ai and Moonshot AI have narrowed the gap with US labs, fueling calls for sanctions and tighter controls.
Subject
#Scott Bessent
White House targets Moonshot over Anthropic AI theft claims
What's next: US officials said sanctions are on the table and are examining whether Moonshot also used restricted Nvidia GB300 servers.
BBC News (US & Canada), The Straits Times +2
US weighs China sanctions over alleged AI model distillation
What's next: Treasury Secretary Scott Bessent is expected to join U.S.-China AI talks in September as scrutiny of Chinese open-weight models grows.
Bloomberg, CNBC +1
US Mint to strike Trump $1 coin for 250th anniversary
What's new: The design may face legal scrutiny because an advisory coinage committee did not review it before production.
The New York Times, PBS NewsHour +2
US grants Iran 60-day oil license through Aug. 21 after talks
Why it matters: The deal lets Iranian oil be sold in dollars, requires toll-free Hormuz transit for 60 days and sends U.N. nuclear inspectors back.
Bloomberg, CNBC +2
Dollar hits 1-year high as Fed hike bets build, yen nears 1986 low
What's new: Futures imply an 85% chance of a quarter-point Fed hike by September, while Japan weighs possible currency intervention.
US eases Iran oil sanctions for 60 days as peace talks advance
Why it matters: The waiver links oil sales to nuclear inspections and open shipping through the Strait of Hormuz.
Bloomberg, The Straits Times
DOJ refuses sworn filing on blocked $1.8 billion Trump fund
Why it matters: The standoff keeps a lawsuit alive over a plan critics said could steer taxpayer money to Trump allies and Jan. 6 defendants.
US expands Trump Accounts to foster children starting July 4
What's new: 23 governors pledged to let state agencies begin enrolling eligible foster youth born from 2025 through 2028.
PBS NewsHour, CNBC +1
Vance chief of staff Jacob Reses to leave White House by summer’s end
What’s next: Reses’ exit removes a longtime adviser who helped steer JD Vance’s 2022 Senate campaign and vice presidency.
The Hill, Fox News
Iran rejects US plan to use frozen assets for Gulf war damage
What's new: Tehran warned any seizure or transfer without its consent would trigger an unspecified response as talks over frozen funds continue.
The Straits Times, The Hill
US moves to tap Iranian assets after strikes hit Kuwait, Bahrain
Why it matters: The step could deepen the US-Iran standoff as ceasefire talks falter and Gulf allies seek compensation for damage.
Bloomberg, The Straits Times