Connect with us

Business

Trump rejects calls to slow development

Published

on

US states sue Trump over forced labour tariffs

President Donald Trump has dismissed warnings about the risks of artificial intelligence and rejected calls from senior industry figures to slow the pace of development, saying the United States was ahead of China and intended to stay there.

“We’re leading China in AI. We’re the most sophisticated country in the world, and frankly, I want to keep it that way because whoever wins AI wins,” Trump told reporters on the sidelines of the Irish Open today. “And we can put guardrails. We can do this and that. But I think you have a lot of negative forces that are bringing it up that shouldn’t be bringing it up.”

His comments followed a blog post published yesterday by Dario Amodei, chief executive of Anthropic PBC, calling on the industry to slow down and arguing that the effort required industry and global coordination. Sam Altman of OpenAI and Elon Musk, who runs xAI Corp, endorsed the message shortly afterwards.

Free newsletters
Advertisement

The stories that matter to UK business, straight to your inbox.

Advertisement

Amodei said Anthropic would introduce new safety steps including the use of third-party evaluators, an idea Altman also said he would follow.

Kevin Hassett, director of the National Economic Council, said today that Amodei’s proposal could serve as a model for the private sector, including by giving independent observers access to the models.

Speaking on Fox News Sunday, Hassett called AI safety a “solvable problem”. He said AI was advancing rapidly enough to potentially overcome existing cybersecurity defences, but that companies were also developing new safeguards.

He added that Trump administration officials Sean Cairncross and Michael Kratsios were also studying the issue.

Advertisement

Congress weighs its response

Some Democrats have seized on the risks around AI ahead of the November midterm elections and the 2028 presidential contest. Former president Barack Obama told a private fundraiser last week that Democrats should make AI oversight a central campaign issue, according to the New York Times.

Senator Chris Coons, a Democrat from Delaware who helped introduce a bill to protect AI whistleblowers, said a lack of expertise in Congress risked hampering regulation while the Trump administration maintained a hands-off approach.

“We need agreement from Republicans and Democrats in Congress to put aside our partisan pre-election bickering and put in place some real guardrails before AI goes off the rails,” Coons said on Bloomberg This Weekend.

Hakeem Jeffries, the House minority leader, said on ABC’s This Week that House Democrats would meet as a caucus on Tuesday morning to discuss possible action on AI.

Advertisement

Mike Johnson, the House speaker, called for a partnership between the technology industry and government. His message to the companies, the Louisiana Republican said on CNN’s State of the Union, was that they “have a corporate responsibility to make sure your products are safe”.

“We have got to summon everybody together,” Johnson said. “I have talked to the president about this as well. They probably should be summoned together at the White House.”

Industry split on the role of government

Amodei said there was a role for government regulation. “Regulation allows the public and its elected representatives to have a say, and limits what the private companies can do,” he said in an interview aired today on CBS’s Sunday Morning.

David Sacks, Trump’s former AI czar and now co-chair of his technology advisory council, said AI companies did not need government permission to slow down or be more responsible. “You face massive product-liability exposure if your products enable a truly damaging cyberattack,” he wrote in a post on X. “The market already punishes models that behave in unpredictable or unauthorized ways.”

Advertisement

Amodei told CBS a longer-term agreement with China would make sense to put a “speed limit on the rate of AI progress”, though he accepted it might be unrealistic. Verification would need to be “ironclad”, he said, because of the military advantages of pulling ahead. “Honestly, I don’t know if it’s possible. But we should try.”

Safety concerns have risen alongside a growing US backlash, fuelled in part by objections to the strain new data centres place on local power supplies. Concerns that AI is driving up electricity bills and taking away jobs have made it a central issue in the midterms.

“They’re bringing up things that won’t happen, but whoever wins, with AI, wins,” Trump said.

Amy Ingham
About the author
Advertisement

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Advertisement

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

SP Group weighs Rs 3,500 crore debt repayment options

Published

on

SP Group weighs Rs 3,500 crore debt repayment options
Shapoorji Pallonji Group is weighing the option to raise funds or extend about ₹3,500 crore of debt due to Porteast and scheduled for repayment by the end of September, as the central bank’s effective mandate of a Tata Sons listing provides clear path to investors for debt repayment, people familiar with the matter said. The RBI mandate would also build broader investor trust in the ability of the infrastructure conglomerate to monetise its stake in the Tata group holding company and meet future redemption commitments, they said.

SP Group will decide whether to raise ₹3,500 crore for repayment or request for additional time to meet the repayment deadline, the people said.

Read more: Nifty may rebound to 23,800; Rupak De picks Apollo, Laurus Labs and Eternal for the week

Given a clear exit path for SP Group lenders through listing of Tata Sons, lenders would be receptive for an extension of the September 30 payment timeline, said people familiar with the developments. SP Group had raised ₹28,500 crore through NCDs in May 2025, at Porteast, which were backed by a pledge of a 9.2% stake in Tata Sons. The bonds were originally priced at 19.75%.

Advertisement

The refinancing comes as Shapoorji Pallonji Group’s debt investors gain greater visibility on a potential value-unlocking event at Tata Sons following the Reserve Bank of India‘s rejection of Tata Sons’ application to voluntarily surrender its core investment company registration.


Read more: Inside NSE IPO journey: Why India’s largest exchange took 10 long years to reach Dalal Street
SP Group had raised about ₹15,200 crore through three-year rupee-denominated zero-coupon bonds issued by Eqyizen Investment at a yield of 18.95%, alongside a $650 million bond issued by Mercury Finance at 14.5%. The instruments were raised largely against the group’s Tata Sons holding. Funds raised at the Eqyizen level were used primarily to refinance about ₹16,500 crore of rupee bonds at Goswami Infratech.This request from SP Group would follow the regulatory rejection of a Tata Sons request for de-registration as an NBFC.

Investor demand for SP Group debt has improved, with recent trades tightening and investors indicating that the earlier 18%-19% IRR reference level is no longer relevant following positive developments around Tata Sons, people familiar with the matter said.

Apart from Porteast, Equizen financing also carries a deleveraging covenant requiring repayment of at least ₹13,500 crore within 24 months of issuance.

Advertisement
Continue Reading

Business

Chinese defence forum set to open amid roiling regional tensions

Published

on


Chinese defence forum set to open amid roiling regional tensions

Continue Reading

Business

Swedish election in dead heat as voters question liberal traditions

Published

on


Swedish election in dead heat as voters question liberal traditions

Continue Reading

Business

Kennedy Center on brink of bankruptcy, could close as early as Tuesday, Washington Post reports

Published

on


Kennedy Center on brink of bankruptcy, could close as early as Tuesday, Washington Post reports

Continue Reading

Business

Woman dies of complications from measles in western Pennsylvania

Published

on


Woman dies of complications from measles in western Pennsylvania

Continue Reading

Business

Zipalertinib plus chemo shows survival benefit in lung cancer trial

Published

on


Zipalertinib plus chemo shows survival benefit in lung cancer trial

Continue Reading

Business

Oil prices jump over 3% on more M.East action, Hormuz meeting delay

Published

on


Oil prices jump over 3% on more M.East action, Hormuz meeting delay

Continue Reading

Business

Michael Dell’s DFO Management nears take-private deal for Baldwin Insurance Group, FT reports

Published

on


Michael Dell’s DFO Management nears take-private deal for Baldwin Insurance Group, FT reports

Continue Reading

Business

How to protect your laptop, phone and bike from thieves at uni

Published

on

Student sits on the grass with a phone in her hand, a tablet computer on the grass and a bike resting on a tree behind her.

First, the ABI suggests checking if you are covered already. Some student halls might already include insurance, or your parents’ policy might extend to you.

If not, there is the option of buying contents insurance.

“This type of policy covers the cost of replacing or repairing your possessions if they are damaged, destroyed or stolen – giving you peace of mind that you’re protected should something go wrong,” the ABI said.

You must check how much you’re covered for and whether it’s enough to replace everything, including the maximum value of a claim on a single item.

Advertisement

You can do this by creating an inventory of all of your contents, including clothes, electronics and furniture, and adding up the cost of replacing each item.

You might need to pay extra to cover a nice bike, or to cover items that you take out and about with you rather than leave in your accommodation.

And, if you’re driving, make sure your insurer knows the car is kept somewhere new.

If it is your parents’ car and you are now the main driver, you have to inform the insurer. It’s illegal if you don’t.

Advertisement
Continue Reading

Business

Iron ore reserves worth $5.5 trillion to WA economy, CME report finds

Published

on

Iron ore reserves worth $5.5 trillion to WA economy, CME report finds

Western Australia still has nearly 50 billion tonnes of known iron ore in the ground worth an estimated $5.5 trillion to the nation’s economy, having already mined 17bn tonnes of the red rock.

Continue Reading

Trending

Copyright © 2025